Dissertação Profa. Letícia

Universidade Federal de São Carlos
Centro de Educação e Ciências Humanas

Programa de Pós-Graduação em Ciência, Tecnologia e Sociedade
Economia solidária e dinâmica familiar de catadores de

materiais recicláveis: um estudo no campo ciência,
tecnologia e sociedade
Letícia Dal Picolo Dal Secco
São Carlos - SP
2014
LETÍCIA DAL PICOLO DAL SECCO
Economia solidária e dinâmica familiar de catadores de

materiais recicláveis: um estudo no campo ciência,
tecnologia e sociedade
Dissertação apresentada ao Programa de Pós-

Graduação em Ciência, Tecnologia e Sociedade, do
Centro de Educação e Ciências Humanas, da
Universidade Federal de São Carlos, como parte dos
requisitos para a obtenção do título de Mestre em
Ciência, Tecnologia e Sociedade.
Orientador(a): Prof(a) Dr(a) Maria Lúcia Teixeira

Machado
Co-Orientador(a): Prof(a) Dr(a) Maria Zanin
São Carlos – SP
2014
Ficha catalográfica elaborada pelo DePT da
Biblioteca Comunitária da UFSCar
Secco, Letícia Dal Picolo Dal.

S444es Economia solidária e dinâmica familiar de catadores de
materiais recicláveis : um estudo no campo ciência,
tecnologia e sociedade / Letícia Dal Picolo Dal Secco. -- São
Carlos : UFSCar, 2014.
180 f.
Dissertação (Mestrado) -- Universidade Federal de São

Carlos, 2014.
1. Economia solidária. 2. Cooperativas de catadores. 3.

Materiais - reciclagem. 4. Ciência, tecnologia e sociedade. 5.
Dinâmica familiar. I. Título.
CDD: 334.7 (20a)

Dedico este trabalho ao meu eterno
companheiro José Augusto, à minha mãe
Dora, ao meu pai Eduardo e aos catadores de
materiais recicláveis. Dedico também a Deus
por ter colocado essas pessoas em minha vida.
AGRADECIMENTOS
Mãe, agradeço a você por toda a paciência e cuidado que teve comigo durante esses dois anos
ansiosos, assim como em todos os outros anos de minha vida. Seu amor foi essencial para
aguentar o tranco!
Pai, agradeço por todas as reflexões e por toda a intelectualidade e musicalidade de nossas
conversas ao longo da vida. Elas deram ritmo a este trabalho.
Dudu, agradeço pelas excentricidades que incentivaram minha criatividade. Agradeço

também por você ter me dado a Mari, e agradeço vocês por terem me dado o Antônio, uma
inspiração inesperada.
José Augusto, eis aqui o segundo resultado profissional de nossa aliança. Agradeço a Deus
pelo nosso amor e pelas nossas conquistas conjuntas.
Marlene e Zé Mário, agradeço por todo o apoio, carinho e suporte que me deram todos os
dias. Sem isso, com certeza todo esse processo teria sido bem mais difícil.
À Maria Lúcia, querida orientadora, agradeço por todo o crescimento que me proporcionou ao
longo desse processo. Agradeço também por toda a paciência, compreensão e parceria.
Agradeço igualmente à minha co-orientadora, Maria Zanin, pelas contribuições inestimáveis.
Agradeço à Profª Ana Maria, por contribuir com o enriquecimento deste trabalho e por ter
sido o incentivo inicial a essa minha trajetória pela economia solidária ao lado dos catadores.
Igualmente, agradeço à Profª Márcia, pelas valiosas contribuições a esta pesquisa, com grande
ênfase nas discussões conjuntas realizadas no NuMI-EcoSol.
Agradeço às minhas cunhadas, Flávia, Silvia, Luciana e Mariana, por todo o carinho e
amizade fraterna que me forneceram. ‘Doninha’, agradeço ainda a você pelo suporte ‘pré-
mestrado’, o qual foi essencial para iniciar essa fase de minha vida.
Agradeço à sobrinha Paty, ao sobrinho Rafa, à sobrinha Mari e ao sobrinho Théo pelo carinho
de sempre e pelas eventuais escutas às minhas ansiedades. Agradeço ao sobrinho Antônio por
ser tudo o que já é, mesmo sem saber, mesmo tão pequenino: grande inspiração e incentivo
para continuar lutando por um mundo melhor!
Agradeço às minhas eternas amigas Roberta, Fernanda e Lívia, pelos 17 anos de convivência,
mesmo à distância, que contribuíram de diversas formas com o desenvolvimento desse
trabalho.
Agradeço à Carol, pela referência acadêmica que foi para meu início de mestrado, pautada em
uma amizade iniciada lá nos velhos tempos.
Agradeço a todos os professores e funcionários do PPGCTS, que auxiliaram de alguma forma

nesse percurso.
Agradeço aos membros do NuMI-EcoSol e aos estagiários PET pelas experiências e reflexões
conjuntas.
Agradeço à Bruna, pela grande contribuição a este trabalho.
Agradeço à FAPESP e à CAPES pelo financiamento.
E um agradecimento mais do que especial à COOPERVIDA, aos catadores e aos seus

familiares, pela disponibilidade em participar dessa pesquisa. Sem vocês, ela seria
simplesmente impossível. Obrigada!
“E se, em um momento de distração, o olhar do
observador deixar esse fluxo imperioso para
elevar-se até o cume das colinas que, em cada
margem, limitam o horizonte, ele poderá, senão
divisar, pelo menos adivinhar a presença
estudiosa de tribos de Intelectuais que, longe do
tumulto das águas, fazem profissão de pensar.
Pode acontecer mesmo de alguns deles tentarem
precisamente pensar quais podem ser a natureza,
a origem, o curso e a destinação desse grande rio
que ferve embaixo. Contudo, raros são os que se
aventuram até as margens…”
(Roger Lesgards)
RESUMO
A economia solidária começou a aparecer no Brasil na década de 1980, quando os índices

inflacionários e de desemprego estavam altos. Ela estimulou a organização de trabalhadores
em cooperativas para recuperarem as empresas em que trabalhavam e que haviam falido, e
assim, manterem seus postos de trabalho. Os catadores de materiais recicláveis surgiram no
Brasil pela exclusão social a que parte da população foi submetida, em torno da década de
1950, e começaram a se organizar em cooperativas pela necessidade de continuar trabalhando,
após a proibição de catar nos aterros sanitários e lixões. Esta organização ocorreu em parceria
com o poder público, instituições religiosas, ONGs e universidades, dentre outros apoiadores.
Atualmente, observa-se que as cooperativas de catadores não são compostas somente de ex-
catadores de aterros e lixões, mas também de outros trabalhadores vítimas do desemprego em
épocas atuais. Para a organização dos empreendimentos econômico-solidários, é necessário
que os catadores se apropriem de conhecimentos necessários sobre a natureza do
empreendimento e sobre o desenvolvimento do trabalho. É preciso também que sejam
realizadas adaptações sociotécnicas (AST) para o desenvolvimento de tecnologias sociais
(TS) que possibilitem seu desenvolvimento e sustentabilidade. Esse processo, que influencia
na forma de organização do empreendimento dependendo de como ocorrer, necessita da
realização de parcerias entre os diversos atores envolvidos no movimento da economia
solidária. A consideração de vários saberes em busca de uma produção científica e
tecnológica adequada que beneficie a população de fato, vai ao encontro do campo de
pesquisa ciência, tecnologia e sociedade (CTS). Considerando que a inclusão econômico-
social e o trabalho influenciam na vida do indivíduo e que a economia solidária com seus
valores (solidariedade, liberdade individual, distribuição de renda de forma igualitária,
organização cooperativa ou associativa do trabalho e autogestão) propõe uma nova forma de
organização do trabalho, além de propiciar a inclusão econômico-social, tem-se como
objetivo investigar as influências das relações de trabalho econômico-solidárias na dinâmica
familiar dos catadores. O método utilizado é o da história oral, e foram realizadas entrevistas
semiestruturadas para coletar relatos sobre a vida dos grupos familiares dos catadores, que são
membros de uma cooperativa econômico-solidária localizada na cidade de São Carlos-SP, a
COOPERVIDA. As entrevistas foram transcritas e após ocorreu a validação dos dados pelos
entrevistados, pelo processo de transcriação. Após essa validação, os dados transcritos foram
analisados pela técnica da análise de conteúdo. Antes das entrevistas, foi realizado um
trabalho de campo no empreendimento com a utilização da técnica da observação
participante, visando compreender como ocorrem as relações internas de trabalho e como a
economia solidária e as relações de trabalho cooperativistas permeiam o ambiente. Dentre os
resultados, podemos citar a carência de AST que contribuam para a organização dos
processos de trabalho no empreendimento; que os princípios econômico-solidários permeiam
as relações na cooperativa, mas não totalmente; que existe uma demanda de capacitação de
novos cooperados para que adquiram conhecimentos sobre o trabalho; que as famílias
apresentaram influências das relações de trabalho econômico-solidárias na dinâmica familiar,
organizando sua rotina de forma igualitária e solidária; e que mesmo sem conseguir definir o
que é economia solidária, os catadores e famílias desenvolveram comportamentos permeados
por seus princípios. Indica-se a necessidade de desenvolver políticas estatais de economia
solidária, incluindo-se a família nos programas e ações realizados.
Palavras-chave: Economia solidária. Cooperativa de catadores de materiais recicláveis.

Ciência, Tecnologia e Sociedade. Dinâmica familiar.
ABSTRACT
Solidary economy in Brazil appeared in the 1980s, when inflation rates and unemployment
were high. It encouraged the organization of workers in cooperatives to recover the
companies they worked for and that had failed, and thus keep their jobs. The recyclable waste
pickers emerged in Brazil because of the social exclusion that part of the population was
exposed, around the 1950s, and began to organize themselves into cooperatives by the need of
continue working after the banning of picking at landfills and dumpsites. This organization
came in partnership with government, religious institutions, NGOs and universities, among
other supporters. Actually, it’s observed that cooperatives of recyclable waste pickers are not
only composed of ex-pickers of the landfills and dumpsites, but also of other workers that are
facing unemployment in current times. For the organization of economic-solidary
cooperatives, it is necessary for the pickers to acquire knowledge about the nature of the
project and about the progress of work. They also need the promotion of the socio-technical
adaptations (STA) for the development of social technologies (TS) that that allow their
development and sustainability. This process, which influences the organizational form of the
enterprise, depending on how it occurs, it will need the partnership between the various agents
involved in the movement of solidary economy. The consideration of various knowledges in
search of a suitable scientific and technological production that benefits the people, is in
keeping of the principles of the field science, technology and society (STS). Whereas that the
economic and social inclusion and the labor have influence in the life of the individual and
that the solidary economy with their values - solidary, individual freedom, income distribution
equally, associative or cooperative organization of work and self-management-, proposes a
new form of organization the work, as well as providing the economic and social inclusion,
the objective of this work it to investigate the influences of labor economic-solidary relations
in the family dynamics of the recyclable waste pickers. The method used is the oral history,
and semi-structured interviews were conducted to collect stories about the lives of family
groups of the pickers, who are members of a joint economic-solidary cooperative
(COOPERVIDA) located in the city of São Carlos-SP. The interviews were transcribed and
after they were validated by the interviewed people, by the “transcriation” process. After this
validation, the transcribed data were analyzed using the technique of content analysis. Before
the interviews, it was done a field work in the cooperative, with the use of the participant
observation technique which was conducted in search of understanding how internal working
relationships occur and how the solidary economy and cooperative working relationships
traverses the environment. Among the results, we can cite the lack of AST that contribute to
the organization of work processes in the cooperative; the economic and solidary principles
permeate the relationships in the cooperative, but not entirely; that there is a demand for
training of new cooperative to acquire knowledge about the work; families presented
influences of the relations of economic-solidary work in their family dynamics, organizing
their routine in a egalitarian and solidary way; and that even without being able to define what
is solidary economy, the collectors and families develop behavior permeated by its principles.
It’s indicated the need to develop state policy, including family in programs and actions
performed.
Keywords: Solidary economy. Recyclable waste pickers cooperative. Science, Technology

and Society. Family dynamics.
LISTAS DE FIGURAS
Figura 1 – Organograma..........................................................................................................35
Figura 2 - Procedimentos Metodológicos................................................................................82
LISTA DE TABELAS
Tabela 1 - Número de teses e dissertações com a temática “economia solidária” no período de

1998 a 2010..........................................................................................................22
Tabela 2 - Quantidade de Produção de Teses e Dissertações por Termos/Ano.......................22
LISTA DE QUADROS
Quadro 1 - Habilidades necessárias aos catadores de materiais recicláveis............................36

Quadro 2 – Estratégias metodológicas....................................................................................83
Quadro 3 - Objetivos específicos.............................................................................................87
Quadro 4 - Trechos de uma entrevista....................................................................................96
Quadro 5 - Grupo Familiar 2.................................................................................................105
Quadro 8 - Relação do catador de referência com a COOPERVIDA..................................107
Quadro 9 - Entrevista realizadas, participantes e datas.........................................................108
Quadro 10 - Categoria de Análise 1......................................................................................134
LISTA DE SIGLAS E ABREVIATURAS
ACI – Aliança Cooperativa Internacional

ANTEAG- Associação Nacional dos Trabalhadores em Empresas de Autogestão e Participação
Acionária
AST – Adequação Sociotécnica
C&T – Ciência e Tecnologia
CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
CBO - Classificação Brasileira de Ocupações
CEDOC – Centro de Documentação em Economia Solidária
CEFAS – Centro de Formação e Assistência à Saúde
CEP – Comitê de Ética em Pesquisa
CNBB – Conferência Nacional dos Bispos do Brasil
CONAMA – Conselho Nacional do Meio Ambiente
COOCASSIS – Cooperativa de Catadores de Materiais Recicláveis de Assis e Região
COOPERVIDA – Cooperativa de Catadores de Materiais Recicláveis de São Carlos
COPPE/UFRJ - Instituto Alberto Luiz Coimbra de Pós-Graduação e Pesquisa de Engenharia da
Universidade Federal do Rio de Janeiro
CPES - Centro público de Economia Solidária
CRAS – Centro de Referência da Assistência Social
CTS – Ciência, Tecnologia e Sociedade
DAES – Departamento de Apoio à Economia Solidária
ECTS - Estudos sobre Ciência, Tecnologia e Sociedade
EES – Empreendimento Econômico-Solidário
EPI – Equipamento de Proteção Individual
ESCT - Estudos Sociais de Ciência e Tecnologia
FABE – Federação de Organização para Assistência Social e Educacional
FAPESP - Fundação de Amparo à Pesquisa do Estado de São Paulo
FBES - Fórum Brasileiro de Economia Solidária
FINEP - Financiadora de Estudos e Projetos
IBGE – Instituto Brasileiro de Geografia e Estatística
INCOOP/UFSCar - Incubadora de Cooperativas Populares da Universidade Federal de São Carlos
Incop Unesp Assis – Incubadora de Cooperativas Populares da Universidade Estadual Paulista
Júlio de Mesquita Filho – Campus de Assis
INSS – Instituto Nacional do Seguro Social
IPEA - Instituto de Pesquisa Econômica Aplicada
ITCP – Incubadora Tecnológica de Cooperativas Populares
ITS – Instituto de Tecnologia Social
MNCR – Movimento Nacional dos Catadores de Materiais Recicláveis
MST – Movimento dos Trabalhadores Sem-Terra
MTE – Ministério do Trabalho e Emprego
NuMI-EcoSol/UFSCar - Núcleo Multidisciplinar e Integrado de Estudos, Formação e Intervenção
em Economia Solidária, sucessor da Incubadora Regional de Cooperativas Populares da
Universidade Federal de São Carlos
ONG – Organização Não Governamental
PACS - Instituto Políticas Alternativas para o Cone Sul
Pangea - Centro de Estudos Socioambientais
PC&T – Política de Ciência e Tecnologia
PNRS – Política Nacional de Resíduos Sólidos
PNSB – Pesquisa Nacional de Saneamento Básico
PPGCTS – Programa de Pós-Graduação em Ciência, Tecnologia e Sociedade
PRONINC - Programa Nacional de Incubadoras de Cooperativas Populares
RTS - Rede de Tecnologia Social
SENAES - Secretaria Nacional de Economia Solidária
SESC – Serviço Social do Comércio
SIES - Sistema Nacional de Informações de Economia Solidária
SMDSCT - Secretaria Municipal de Desenvolvimento Sustentável, Ciência e Tecnologia
SMTER – Secretaria Municipal de Trabalho, Emprego e Renda
TA – Tecnologia Apropriada
TC – Tecnologia Convencional
TCLE – Termo de Consentimento Livre e Esclarecido
TS – Tecnologia Social
UFRJ – Universidade Federal do Rio de Janeiro
UFSCar – Universidade Federal de São Carlos
UNESP – Universidade Estadual Paulista Júlio de Mesquita Filho
UNISOL - Central de Cooperativas e Empreendimentos Solidários
680È5,2

$35(6(17$d2

,1752'8d2

(&2120,$ 62/,'È5,$ ( &223(5$7,9,602 $ 25*$1,=$d2 '2
75$%$/+2'26&$7$'25(6'(0$7(5,$,65(&,&/È9(,6
$(&2120,$62/,'È5,$(2&223(5$7,9,60212%5$6,/
26(035((1',0(1726(&21Ð0,&262/,'È5,26($25*$1,=$d2'2
75$%$/+2'26&$7$'25(6'(0$7(5,$,65(&,&/È9(,6
$RUJDQL]DomRGRVFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV
(&2120,$62/,'È5,$12081,&Ë3,2'(62&$5/2663
2FDPSRGHSHVTXLVDD&223(59,'$

&,Ç1&,$ 7(&12/2*,$ ( 62&,('$'( ( 26 (035((1',0(1726
(&21Ð0,&262/,'È5,26
2&$032&76
&761$$0e5,&$/$7,1$(12%5$6,/
&,Ç1&,$7(&12/2*,$(&2120,$62/,'È5,$($6&223(5$7,9$6'(
&$7$'25(6

',1Æ0,&$)$0,/,$5(75$%$/+2
',1Æ0,&$)$0,/,$5
,1)/8Ç1&,$6'275$%$/+21$',1Æ0,&$)$0,/,$5

2%-(7,926

3(5&856260(72'2/Ï*,&26
68-(,726'(3(648,6$
75$%$/+2'(&$032$2%6(59$d23$57,&,3$17(
+,67Ï5,$25$/7(0È7,&$
$VHQWUHYLVWDVVHPLHVWUXWXUDGDV
$7UDQVFULDomR
)250$'($1È/,6('26'$'26

5(68/7$'26$1È/,6(6(',6&866®(6
$1È/,6(6'275$%$/+2'(&$032
$1È/,6(6'$6(175(9,67$6
$VWUDQVFULDo}HV
$DQiOLVHGHFRQWH~GR
',6&866®(6

(&216,'(5$d®(6),1$,6

5()(5Ç1&,$6

)20(172

$3Ç1',&(6
$3Ç1',&(±527(,52'((175(9,67$
$3Ç1',&(±7(502'(&216(17,0(172/,95(((6&/$5(&,'2

$1(;26
$1(;2±$8725,=$d2&223(59,'$
$1(;2 ± 3$5(&(5 &2168%67$1&,$'2 '2 &20,7Ç '( e7,&$ (0
3(648,6$ &(3

$35(6(17$d2

2 WHRU GHVWD SHVTXLVD GHULYRX GH UHIOH[}HV UHDOL]DGDV GHVGH DQR QR TXDO WLYH
PHXSULPHLURFRQWDWRFRPD,QFXEDGRUDGH&RRSHUDWLYDV3RSXODUHVGD81(63±&DPSXVGH
$VVLV ,QFRS8QHVS$VVLV DWUDYpVGRFXUVRGH3VLFRORJLDGHVVDPHVPDXQLYHUVLGDGH
1HVVHFRQWDWRLQLFLDOSXGHFRQKHFHUFDWDGRUHVLQIRUPDLVDSDUWLUGHXPDDWLYLGDGHTXH
YLVDYDFRQYLGiORVDSDUWLFLSDUGD&RRSHUDWLYDGH&DWDGRUHVGH0DWHULDLV5HFLFOiYHLVGH$VVLV
&22&$66,6 MiTXHDSROtWLFDGHUHVtGXRVVyOLGRVPXQLFLSDOYLVDYDDDPSOLDomRGDFROHWD
VHOHWLYD UHDOL]DGD SHOD &22&$66,6 H LVWR UHIOHWLULD QR WUDEDOKR GRV FDWDGRUHV QmR
FRRSHUDWLYDGRV
1RDQRVHJXLQWHMiRILFLDOPHQWHFRPRPHPEUR GD ,QFRS8QHVS$VVLVUHDOL]HLWDQWR
WUDEDOKRV DGPLQLVWUDWLYRV FRPR HVWDJLiULD FRPR DWXHL GLUHWDPHQWH MXQWR DRV JUXSRV GH
FDWDGRUHV GH PDWHULDLV UHFLFOiYHLV LQFXEDGRV UHDOL]DQGR DWLYLGDGHV GH HODERUDomR GH
FDSDFLWDo}HVHPHFRQRPLDVROLGiULDHGHOLGHUDQoDVIRUPDomRGHQRYRVJUXSRV DVVRFLDo}HV
RX FRRSHUDWLYDV GHVHQYROYLPHQWR GH SURMHWRV GH FDSWDomR GH UHFXUVRV GHQWUH RXWUDV
DWLYLGDGHV2IRFRSULQFLSDOGDVSHVTXLVDVUHDOL]DGDVDSDUWLUGHVVHSURMHWRGHH[WHQVmRIRLR
WUDEDOKRHPUHGHGRVFDWDGRUHVHVHXDYDQoRQDFDGHLDSURGXWLYDGDUHFLFODJHP
$SyVDJUDGXDomRWUDEDOKHLXPDQRHPHLRFRPRSVLFyORJDVRFLDOHPGRLV&HQWURVGH
5HIHUrQFLD GD $VVLVWrQFLD 6RFLDO &5$6 H XP DQR H PHLR HP XPD 2UJDQL]DomR 1mR
*RYHUQDPHQWDO 21* GHDWHQGLPHQWRVRFLRHGXFDWLYRHIDPLOLDU&RQFOXtWDPEpPXPFXUVR
GH HVSHFLDOL]DomR HP 6D~GH 0HQWDO H ,QWHUYHQo}HV 7HUDSrXWLFDV &DVDO )DPtOLD *UXSR H
,QVWLWXLo}HVQR&HQWURGH)RUPDomRH$VVLVWrQFLDj6D~GH &()$6
1HVVHV WUrV DQRV QmR DWXHL GLUHWDPHQWH FRP FDWDGRUHV SRUpP GXUDQWH RV WUDEDOKRV
UHDOL]DGRV FRP DV IDPtOLDV GRV &5$6 H GD 21* H R DSUHQGL]DGR REWLGR QR FXUVR GH
HVSHFLDOL]DomR FRPHFHL D HVWXGDU DV SRVVtYHLV LQIOXrQFLDV GDV UHODo}HV GH WUDEDOKR H GDV
SROtWLFDV S~EOLFDV VREUH D GLQkPLFD GRV JUXSRV IDPLOLDUHV &RQKHFHQGR R 3URJUDPD GH 3yV
*UDGXDomR HP&LrQFLD 7HFQRORJLD H6RFLHGDGH 33*&76 HPH DSUR[LPDQGRGHVWH FDPSR
GHSHVTXLVDSRUPHLRGHOHLWXUDVDFUHVFHQWHLDVUHIOH[}HVGHVVHFDPSRGHSHVTXLVDDRVPHXV
HVWXGRV&RPHFHLDFRQIURQWDUDVH[SHULrQFLDVTXHWLYHFRPPHXWUDEDOKRMXQWRDRVFDWDGRUHV
HHVVDVQRYDVOHLWXUDVUHIOHWLQGRVREUHDLQIOXrQFLDGDVFLrQFLDVHWHFQRORJLDVQDVUHODo}HVH
SURFHVVRVHVWDEHOHFLGRVQRDPELHQWHGHWUDEDOKRHFRQVHTXHQWHPHQWHQDGLQkPLFDIDPLOLDU

8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKR

$WXDO&RRSHUDWLYDGH&DWDGRUHVGH0DWHULDLV5HFLFOiYHLVGH$VVLVH5HJLmR

&KHJXHLjIXQGDPHQWDOFRQFOXVmRGHTXHRVSURFHVVRVGHDSURSULDomRLQWHUIHUHPGLUHWDPHQWH
QDRUJDQL]DomRGRWUDEDOKRHHPWXGRTXHDHOHVHUHIHUH
(VVH UDFLRFtQLR GL] UHVSHLWR D FRPR D GLQkPLFD IDPLOLDU SRGH VHU LQIOXHQFLDGD SHOD
LQVHUomR GH FDWDGRUHV HP HPSUHHQGLPHQWRV HFRQ{PLFRVROLGiULRV H FRPR HVVD LQIOXrQFLD VH
UHODFLRQDjIRUPDGHRUJDQL]DomRGDFRRSHUDWLYDjVWHFQRORJLDVTXHDSHUPHLDPDRVVDEHUHV
H[LVWHQWHV H DRV FRQKHFLPHQWRV DGTXLULGRV SHORV FRRSHUDGRV H jV SROtWLFDV S~EOLFDV
UHODFLRQDGDVjHFRQRPLDVROLGiULD
2XWUDH[SHULrQFLDDEVROXWDPHQWHLPSRUWDQWHSDUDHVWHWUDEDOKRIRLPLQKDLQVHUomRQD
,QFXEDGRUD GH &RRSHUDWLYDV 3RSXODUHV GD 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV ,1&223
8)6&DU HP VXD IDVH GH WUDQVLomR SDUD VH WRUQDU R 1~FOHR 0XOWLGLVFLSOLQDU H ,QWHJUDGR GH
(VWXGRV )RUPDomR H ,QWHUYHQomR HP (FRQRPLD 6ROLGiULD 1X0,(FR6RO (VWD H[SHULrQFLD
TXH RFRUUHX MXQWR DR LQtFLR GDV DWLYLGDGHV GH PHVWUDGR IDFLOLWRX R PHX FRQWDWR FRP D
&RRSHUDWLYDGH&DWDGRUHVGH0DWHULDLV5HFLFOiYHLVGH6mR&DUORV &223(59,'$ QDTXDO
IRL UHDOL]DGR R WUDEDOKR GH FDPSR EHP FRPR SURSLFLRX PRPHQWRV GH GLVFXVVmR HP JUXSR
VREUHRVDVSHFWRVHFRQ{PLFRVROLGiULRVGHVVHHPSUHHQGLPHQWR
$SDUWLUGHWRGDVHVVDVH[SHULrQFLDVHGDVOHLWXUDVUHDOL]DGDVDRORQJRGRVDQRVHGDV
UHIOH[}HVHFRQIURQWDomRGHDPEDVHVWDSHVTXLVDIRLHQWmRGHVHQYROYLGD

,1752'8d2

2VXUJLPHQWRGDHFRQRPLDVROLGiULDVHUHODFLRQDDXPFRQWH[WRGHDYDQoRWHFQROyJLFR
GHVHQIUHDGR TXH UHVXOWRX HP SHUtRGRV GH JUDQGH GHVHPSUHJR VLWXDomR TXH DWUDYHVVRX
GLYHUVDVpSRFDVHTXHOHYRXDVSHVVRDVDVHRUJDQL]DUHPQDWHQWDWLYDGHPDQWHUVHXVSRVWRVGH
WUDEDOKR$HFRQRPLDVROLGiULDVHWRUQDHQWmRXPDDOWHUQDWLYDDRVWUDEDOKDGRUHVTXHSDVVDUDP
EDVHDQGRVHQRVYDORUHV GHOLEHUGDGHLJXDOGDGH HIUDWHUQLGDGHGD5HYROXomR )UDQFHVD DVH
RUJDQL]DU D SDUWLU GRV SULQFtSLRV GHVVD QRYD HFRQRPLD FRQVWLWXLQGR UHODo}HV GH WUDEDOKR
VROLGiULDV FRRSHUDWLYDV H QmR KLHUiUTXLFDV H FDUDFWHUL]DQGR XPD FRQILJXUDomR GH WUDEDOKR
GLIHUHQWHGDHQFRQWUDGDQDRUJDQL]DomRFDSLWDOLVWD 6,1*(5D
$ HFRQRPLD VROLGiULD FRQVWLWXLQGRVH HQTXDQWR XP PRYLPHQWR GLIXQGLXVH SHOR
PXQGRHPGLYHUVRVFRQWH[WRVVLPLODUHV1REUDVLOHLURHODDSDUHFHXGXUDQWHDFULVHHFRQ{PLFD
RFRUULGDQRVDQRVHTXHSHUVLVWLXSHORVDQRVTXDQGRGLYHUVDVHPSUHVDVHQWUDUDP
HP IDOrQFLD OHYDQGR FRQVHTXHQWHPHQWH j SHUGD GH PXLWRV SRVWRV GH WUDEDOKR $ HFRQRPLD
VROLGiULD VH GHVHQYROYHX FRPR IRUPD GH FRPEDWHU DV FRQVHTXrQFLDV GD VLWXDomR GH FULVH
LQVWDXUDGD SRVVLELOLWDQGR D RUJDQL]DomR GR SUROHWiULR FRP R DSRLR GH GLYHUVDV LQVWLWXLo}HV
HPFRRSHUDWLYDVHPEDVDGDVQRVSULQFtSLRVGDHFRQRPLDVROLGiULDQDWHQWDWLYDGHUHFXSHUDUDV
HPSUHVDVIDOLGDV 6,1*(5D
(PXPSHUtRGRDQWHULRUDHVVHFRQWH[WRHPWRUQRGRVDQRVVXUJLXQR%UDVLOD
DWLYLGDGHGHFDWDGRUGHPDWHULDLVUHFLFOiYHLV 029,0(172 SRUHQWUHXPFHQiULRGH
GHVHPSUHJRSREUH]DHH[FOXVmRVRFLDOGHFRUUHQWHGDH[SDQVmRHFRQ{PLFDRFRUULGDQDpSRFD
TXHVHFDUDFWHUL]RXSRUXPLQYHVWLPHQWRHILFLHQWHHPLQIUDHVWUXWXUDSRUpPjPDQXWHQomRGRV
SUREOHPDVVRFLDLVH[LVWHQWHV$YLVmRTXHQRUWHDYDDVDo}HVHFRQ{PLFDVGRSHUtRGRHUDDGH
TXHRGHVHQYROYLPHQWRVRFLDORFRUUHULDQDWXUDOPHQWHDSDUWLUGRGHVHQYROYLPHQWRHFRQ{PLFR
32&+0$11 $ PDQXWHQomR GH SUREOHPDV VRFLDLV H VHXV GHVGREUDPHQWRV LQGLFDP
TXH HVWD YLVmR QmR p FRUUHWD H TXH UHIOH[}HV H PXGDQoDV VmR QHFHVViULDV SDUD VXSHUDU RV
SUREOHPDVVRFLDLVDLQGDH[LVWHQWHVVHQmRDJUDYDGRV
2V FDWDGRUHV DWUDYpV GRV DQRV SDVVDUDP D VHU LQVWLJDGRV D VH RUJDQL]DUHP HP
HPSUHHQGLPHQWRVHFRQ{PLFRVROLGiULRV ((6 VHQGRTXHHVWDRUJDQL]DomRRFRUUHDWpKRMHGH
IRUPD DUWLFXODGD H UHSUHVHQWDGD SHOR 0RYLPHQWR 1DFLRQDO GRV &DWDGRUHV GH 0DWHULDLV
5HFLFOiYHLV 01&5
$WXDOPHQWHRV((6VmRFDGDYH]PDLVDVVRFLDGRVjVWHFQRORJLDVVRFLDLV 76 DVTXDLV
VmRSRWHQFLDLVDFRPEDWHUFHQiULRVGHGHVLJXDOGDGHHSURPRYHUDLQFOXVmRVRFLDOSRUVHUHP
DFHVVtYHLV jV PDLV GLYHUVDV SRSXODo}HV 6,1*(5 D 'DJQLQR FRQVLGHUD TXH R

GHVHQYROYLPHQWR GH 76 p SRVVLELOLWDGR SHOD DGHTXDomR VRFLRWpFQLFD $67 $LQGD H[LVWH D
SHUVSHFWLYD GH TXH RV SUySULRV ((6 VmR 76 '$/ 5, H DVVLP VXD RUJDQL]DomR p GH
H[WUHPD LPSRUWkQFLD SDUD JDUDQWLU VXD DFHVVLELOLGDGH H DGHTXDomR jV SRSXODo}HV H VXDV
QHFHVVLGDGHV
2V FHQiULRV GH LQVWDELOLGDGH HFRQ{PLFD GHVHPSUHJR H H[FOXVmR DSUHVHQWDGRV VH
UHODFLRQDP DOpP GR GHVHQYROYLPHQWR HFRQ{PLFR EUDVLOHLUR jV WHQGrQFLDV H FRQFHSo}HV GH
FLrQFLDHWHFQRORJLD & 7 TXHLQIOXHQFLDUDPDV3ROtWLFDVGH&LrQFLDH7HFQRORJLD 3& 7
3RU XP JUDQGH SHUtRGR FRPR RFRUUHX HP WRUQR GRV DQRV GH SUHGRPLQRX XPD YLVmR
GHWHUPLQLVWDVREUHFLrQFLDTXHDFRQVLGHUDYDDXW{QRPDHVHPYDORUHVVRFLDLVRTXHDFDUUHWRX
VLWXDo}HV GH H[FOXVmR SHOR SHQVDPHQWR GH TXH D DGHTXDomR GD SRSXODomR jV WHFQRORJLDV
HODERUDGDVHDRGHVHQYROYLPHQWRHFRQ{PLFRRFRUUHQGRFRPRHUDIHLWROHYDULDPDREHPHVWDU
VRFLDO $QiOLVHV VREUH R GHVHQYROYLPHQWR HFRQ{PLFR GR %UDVLO PRVWUDUDP TXH HVWD YLVmR
GHQRPLQDGD FRPR ³OLQHDU´ QmR p YLiYHO H TXH HVVH VLVWHPD p PDLV FRPSOH[R %$==2
/,16,1*(1 3(5(,5$ 3HVTXLVDGRUHV GR FDPSR &LrQFLD 7HFQRORJLD H 6RFLHGDGH
&76 WrPHPFRQWDDVUHODo}HVHQWUHRVYDORUHVVRFLDLVHDSURGXomRGH& 7FRQVLGHUDQGR
TXHHVWDGHYHVHUFRQWURODGDSHODSRSXODomR
9DVTXHV0HQH]HV &RGR H 0HGHLURV DSUHVHQWDP TXH R WUDEDOKR DVVLP FRPR
RXWUDV LQVWLWXLo}HV H[WHUQDV j IDPtOLD H[HUFHP LQIOXrQFLDV VREUH VXD GLQkPLFD SRLV TXDQGR
XP GH VHXV PHPEURV WHP VXD LGHQWLGDGH LQIOXHQFLDGDSHORV VHXV FRQWDWRV VRFLDLV DR YROWDU
SDUD DIDPtOLDSRGHLQIOXHQFLDURVRXWURVLQGLYtGXRV1HVVDSHUVSHFWLYD RGHVHQYROYLPHQWR
HFRQ{PLFR FDSLWDOLVWD DOpP GH LQWHUIHULU HP TXHVW}HV GH DXWRQRPLD HFRQ{PLFD DLQGD
LQWHUYpPSHODVXDFRQILJXUDomRQDDXWRQRPLDIDPLOLDUMiTXHDIDPtOLDHVXDGLQkPLFDVmR
LQIOXHQFLDGDVSRUFRQWH[WRVVRFLDLVH[WHUQRV )(51$1'(6
$LQGDVREHVWHSDQRUDPDFRQVLGHUDQGRDVSRWHQFLDOLGDGHVGRWUDEDOKRLQIOXHQFLDUQD
YLGDSHVVRDOGRLQGLYtGXRGHGLYHUVDVIRUPDVLQIHUHVHTXHDRUJDQL]DomRGRV((6IDFLOLWDR
GHVHQYROYLPHQWRGHUHODo}HVLQWHUQDVGHWUDEDOKRSRVLWLYDVSRUSRVVLELOLWDUTXHRFRRSHUDGR
DGTXLUD DXWRQRPLD SHOD DTXLVLomR GH FRQKHFLPHQWRVWRUQHVH PDLV VROLGiULR H FUtWLFR (VWDV
FDUDFWHUtVWLFDV SRU VXD YH] SRGHP SHUPHDU DV UHODo}HV IDPLOLDUHV LQIOXHQFLDQGR HP VXD
GLQkPLFDSHORIDWRGHTXHDVGLYHUVDVLQVWLWXLo}HVQDVTXDLVRLQGLYtGXRHVWiLQVHULGRH[HUFHP
LQIOXrQFLDVXPDVQDVRXWUDVEHPFRPRQDLGHQWLGDGHGRVXMHLWR
(VWDLQIOXrQFLDGRWUDEDOKRHGHRXWUDVLQVWLWXLo}HVGDVTXDLVXPLQGLYtGXRSDUWLFLSDQD
GLQkPLFD IDPLOLDU SRVVXL GLYHUVRV GHVGREUDPHQWRV TXH HQYROYHP DV FDUDFWHUtVWLFDV GHVVD
GLQkPLFDFRPRSRUH[HPSORQDSURPRomRGHVD~GHPHQWDORTXHLOXVWUDDJUDQGHGLPHQVmR

H UHVSRQVDELOLGDGH TXH DV RUJDQL]Do}HV LQVWLWXFLRQDLV SRVVXHP SHUDQWH XP FRQWH[WR VRFLDO
PDLRU
$ SDUWLU GR UHIHUHQFLDO WHyULFR SHVTXLVDGR H GDV H[SHULrQFLDV YLYHQFLDGDV LQIHUHVH
FRPR LPSRUWDQWH TXH R VXMHLWR QR FDVR R FDWDGRU FRRSHUDGR SRQGHUH VREUH FRPR H VH D
HFRQRPLD VROLGiULD SRGH LQIOXHQFLDU HP VXD GLQkPLFD IDPLOLDU ,VWR SHUPLWH TXH HOH VHMD
HQYROYLGR QD SURGXomR FLHQWtILFD VREUH R DVVXQWR FRP VHXV VDEHUHV VHQWLPHQWRV H FXOWXUD
FRQWULEXLQGR SDUD R GHVHQYROYLPHQWR GH SHVTXLVDV DOLQKDGDV jV VXDV GHPDQGDV H
QHFHVVLGDGHV(VVDDSUR[LPDomRSHUPLWHWDPEpPTXHRFDWDGRUDGTXLUDQRYRVFRQKHFLPHQWRV
&RQVLGHUDQGR TXH RV SULQFtSLRV HFRQ{PLFRVROLGiULRV VmR FRQWUiULRV DRV FDSLWDOLVWDV
WHPVHDKLSyWHVHTXHDLQVHUomRGRWUDEDOKDGRUHPXPHPSUHHQGLPHQWRHFRQ{PLFRVROLGiULR
((6 LQIOXHQFLD GH IRUPD GLIHUHQWH H SRVLWLYD QDYLGD SHVVRDO GR VXMHLWR H DVVLP HP VXD
GLQkPLFDIDPLOLDUQDTXDOVmRSURPRYLGDVPXGDQoDVDSyVRVXMHLWRWUD]HULQIOXrQFLDVH[WHUQDV
SDUDRPHLRIDPLOLDU
'XUDQWH R OHYDQWDPHQWR ELEOLRJUiILFR REVHUYRXVH HP UHODomR j WHPiWLFD GD
HFRQRPLDVROLGiULDTXHDSULPHLUDSXEOLFDomRDFDGrPLFRFLHQWtILFDEUDVLOHLUDLGHQWLILFDGDQR
%DQFR GH 7HVHV H 'LVVHUWDo}HV GD &RRUGHQDomR GH $SHUIHLoRDPHQWR GH 3HVVRDO GH 1tYHO
6XSHULRU &$3(6 VXUJLX QR DQR GH WUrV DQRV DSyV R VXUJLPHQWR GD SULPHLUD
,QFXEDGRUDGH&RRSHUDWLYDV3RSXODUHVQR,QVWLWXWR$OEHUWR/XL]&RLPEUDGH3yV*UDGXDomRH
3HVTXLVD GH (QJHQKDULD GD 8QLYHUVLGDGH )HGHUDO GR 5LR GH -DQHLUR &233(8)5- (VWH
DSDUHFLPHQWRFRLQFLGHDLQGDFRPRDQRGHFULDomRGR3URJUDPD1DFLRQDOGH,QFXEDGRUDVGH
&RRSHUDWLYDV 3RSXODUHV 3521,1& 6,1*(5 D 2 Q~PHUR GH SXEOLFDo}HV FUHVFHX
FRQVLGHUDYHOPHQWH HP DQR GH FULDomR GD 6HFUHWDULD 1DFLRQDO GH (FRQRPLD 6ROLGiULD
6(1$(6 (VWDV LQIRUPDo}HV VREUH RV DQRV GH SXEOLFDo}HV GHULYDP GH SHVTXLVD UHDOL]DGD
SRU 2OLYHLUD H =DQLQ H D HYROXomR GD TXDQWLGDGH GH SXEOLFDo}HV SRU DQR HVWmR
UHSUHVHQWDGDVQD7DEHOD
3HVTXLVDQGRVH QR PHVPR EDQFR GH WHVHV H GLVVHUWDo}HV SHORV WHUPRV ³FDWDGRU´ H
³UHFLFOiYHO´ HQFRQWURXVH XP WRWDO GH GLVVHUWDo}HV H WHVHV VHQGR DV SULPHLUDV
RFRUUrQFLDVUHVSHFWLYDPHQWHHPHHP$SyVFRPELQRXVHHVWHVWHUPRVDRXWURV
WDLVTXDLVFDWDGRUUHFLFOiYHOFRRSHUDWLYDHFRQRPLDVROLGiULDIDPtOLD(VWDEXVFDGHWHUPRV
FRPELQDGRVSRVVLELOLWRXHQFRQWUDUXPWRWDOGHGLVVHUWDo}HVHWHVHVGDWDGDVGHD

7DEHOD1~PHURGHWHVHVHGLVVHUWDo}HVFRPDWHPiWLFD³HFRQRPLDVROLGiULD´QR
SHUtRGRGHD

)217(%DQFRGH7HVHV &$3(6 (ODERUDGRSRU2/,9(,5$=$1,1S

3RGHVHREVHUYDUTXHRWRWDOGHWUDEDOKRVVLVWHPDWL]DGRVQD7DEHODSRUDQRGH
DFRUGRFRPDVFRPELQDo}HVGRVWHUPRVPRVWURXTXHFRPSDUDQGRRVDQRVGHH
KRXYHXPDXPHQWRQDTXDQWLGDGHGHSURGXo}HVQRSHUtRGRTXHSDVVRXGHSDUDPHVPR
HVVHDXPHQWRQmRVHQGROLQHDU

7DEHOD4XDQWLGDGHGH3URGXomRGH7HVHVH'LVVHUWDo}HVSRU7HUPRV$QR

',66(57$d®(6 H GH&DWDGRU5HFLFOiYHO)DPtOLDHQFRQWUDP
VH HP &DWDGRU5HFLFOiYHO&RRSHUDWLYD H QmR VmR VRPDGRV QR WRWDO ',66(57$d®(6 H 7(6(6 D
72'$6 GH &DWDGRU5HFLFOiYHO&RRSHUDWLYD (FRQRPLD 6ROLGiULD HVWmR HP &DWDGRU5HFLFOiYHO
(FRQRPLD6ROLGiULDHHVWDVFRQYHUJrQFLDVHVWmRHP&DWDGRU5HFLFOiYHO&RRSHUDWLYDHQmRHVWmRVRPDGRVQR
WRWDO',66(57$d®(6 GH&DWDGRU5HFLFOiYHO&RRSHUDWLYD(FRQRPLD6ROLGiULDWDPEpPHVWiHP
&DWDGRU5HFLFOiYHO)DPtOLD

)RQWH%DQFRGH7HVHVH'LVVHUWDo}HV&$3(67DEHODHODERUDGDSHODVDXWRUDV

2V WHUPRV FRPELQDGRV TXH PHQRV GHUDP UHWRUQR HP TXDQWLGDGH GH SURGXomR IRUDP
³&DWDGRU5HFLFOiYHO)DPtOLD´ SDUD RV TXDLV H[LVWHP DSHQDV TXDWRU]H GLVVHUWDo}HV H GXDV
WHVHV
1HVVH VHQWLGR WRUQDVH LPSRUWDQWH DERUGDU R DVSHFWR GD IDPtOLD QR FRQWH[WR GD
HFRQRPLD VROLGiULD SRLV DQDOLVDQGR RV WUDEDOKRV TXH FRQWrP DV SDODYUDV FDWDGRUUHFLFOiYHO
IDPtOLDREVHUYRXVHTXHHVWHVWHUPRVQmRIRUDPDVVRFLDGRVj FRRSHUDWLYDQHP j HFRQRPLD
VROLGiULD PHVPR KDYHQGR DOJXPDV FRQVLGHUDo}HV VREUH DV LQIOXrQFLDV GR WUDEDOKR QDV
UHODo}HVIDPLOLDUHV'HVVHPRGRDOLWHUDWXUDFDUHFHGHWUDEDOKRVVREHVWDSHUVSHFWLYD
$ SDUWLU GD UHIOH[mR VREUH WRGD D H[SHULrQFLD REWLGD H GRV HVWXGRV UHDOL]DGRV IRUDP
GHILQLGRV R SUREOHPD H D TXHVWmR GH SHVTXLVD EHP FRPR WRGR R HVFRSR GHVWH WUDEDOKR 2V
SURFHGLPHQWRVPHWRGROyJLFRVIRUDPGHOLPLWDGRVFRQVLGHUDQGRDSRVVLELOLGDGHGHSDUWLFLSDomR
GRV VXMHLWRV HQYROYLGRV HP WRGR R SURFHVVR GH SHVTXLVD FRQWULEXLQGR WDQWR SDUD R FDPSR
&76 TXDQWR SDUD R PRYLPHQWR GD HFRQRPLD VROLGiULDMi TXH HVVD SDUWLFLSDomR GH WRGRV RV
DWRUHVHQYROYLGRVHVWiGHDFRUGRFRPRVSULQFtSLRVGHDPERV
3DUDPHOKRURUJDQL]DUDVUHIOH[}HVUHDOL]DGDVHRVFDPLQKRVTXHOHYDUDPjVGLVFXVV}HV
HDRVUHVXOWDGRVRFRQWH~GRWHyULFRGHVWHWUDEDOKRIRLGLYLGLGRHPWUrVSDUWHV

(FRQRPLDVROLGiULDHFRRSHUDWLYLVPRDRUJDQL]DomRGRWUDEDOKRGRVFDWDGRUHVGH
PDWHULDLVUHFLFOiYHLV

1HVWDSDUWHGRUHIHUHQFLDOWHyULFRFRQVWDPUHIOH[}HVVREUHRFRQWH[WRGHVXUJLPHQWR
GD HFRQRPLD VROLGiULD QR %UDVLO QR LQWXLWR GH FRPSUHHQGHU D H[LVWrQFLD DWXDO GRV
HPSUHHQGLPHQWRV HFRQ{PLFRVROLGiULRV ((6 H RV GHVDILRV SDUD R VHX GHVHQYROYLPHQWR
FRQVLGHUDQGR SULPRUGLDOPHQWH R KLVWyULFR GDV FRRSHUDWLYDV GH FDWDGRUHV GH PDWHULDLV
UHFLFOiYHLV)RLWDPEpPDSUHVHQWDGRFRPRDHFRQRPLDVROLGiULDHVWiRUJDQL]DGDQRPXQLFtSLR
GH6mR&DUORVEHPFRPRDOJXQVGDGRVVREUHD&223(59,'$GHULYDGRVGHSHVTXLVDVTXH
DERUGDUDPDDXWRQRPLDQRHPSUHHQGLPHQWRHDYLVmRGRVFDWDGRUHVVREUHGLYHUVRVDVSHFWRV
GHVHXWUDEDOKRLQFOXLQGRVXDVUHODo}HVFRPDYLGDIDPLOLDU

&LrQFLDWHFQRORJLDHVRFLHGDGHHRVHPSUHHQGLPHQWRVHFRQ{PLFRVROLGiULRV

$SyVDDSUHVHQWDomRGRFRQWH[WRGDHFRQRPLDVROLGiULDHGRFRRSHUDWLYLVPRQR%UDVLO
IRLDERUGDGRRVXUJLPHQWRGRFDPSR&76EHPFRPRVXDVSRVVtYHLVUHODo}HVFRPDHFRQRPLD
VROLGiULD )RL DSUHVHQWDGD D LPSRUWkQFLD GD DSURSULDomR GH FRQKHFLPHQWR SRU SDUWH GRV
FRRSHUDGRV SDUD D GHILQLomR GDV FDUDFWHUtVWLFDV JHUDLV GH RUJDQL]DomR GD FRRSHUDWLYD
'LVFXWLXVH WDPEpP VREUH DV DGHTXDo}HV VRFLRWpFQLFDV $67 QRV HPSUHHQGLPHQWRV GH
FDWDGRUHV DV TXDLV VmR FRQVLGHUDGDV SRWHQFLDLV D GHVHQYROYHU WHFQRORJLDV VRFLDLV 76 TXH
VmR SRU VXD YH] DSUHVHQWDGDV FRPR XP GRV GHVDILRV GD HFRQRPLD VROLGiULD GHVHQYROYHU RV
HPSUHHQGLPHQWRV D SDUWLU GD FULDomR GH 76 &RQVLGHUDVH DTXL D SHUVSHFWLYD GH TXH RV
HPSUHHQGLPHQWRVHPVLMiVmR76HTXHVXDRUJDQL]DomRFRUURERUDSDUDRDSULPRUDPHQWRGHOH
PHVPRFRPRXPD76HGHRXWUDV76HRX$67TXHRFRQVWLWXHP

'LQkPLFDIDPLOLDUHWUDEDOKR

1HVWH FDStWXOR PRVWURXVH D SDUWLU GH FRQFHLWXDo}HV H UHIOH[}HV VREUH IDPtOLD H
GLQkPLFD IDPLOLDU FRPR R WUDEDOKR SRGH LQIOXHQFLDU QHVVD GLQkPLFD )RFRXVH DLQGD QD
LQIOXrQFLD SHFXOLDU GR WUDEDOKR HFRQ{PLFRVROLGiULR H GH VHXV SULQFtSLRV QHVWD GLQkPLFD
$SRQWRXVH VHP DSURIXQGDPHQWRV SRUpP FRPR SRVVLELOLGDGHV GH GHVGREUDPHQWRV H
DSURIXQGDPHQWR GDV UHIOH[}HV SRVVtYHLV GHVGREUDPHQWRV GHVVD LQIOXrQFLD HP UHODomR j
SURPRomR GH VD~GH PHQWDO GR JUXSR IDPLOLDU (VWH FDStWXOR p HVVHQFLDO SDUD D FRPSUHHQVmR
GDV SRWHQFLDOLGDGHV TXH D RUJDQL]DomR GR WUDEDOKR WHP HP LQWHUIHULU QD YLGD IDPLOLDU EHP
FRPR GH DOJXPDV GLIHUHQFLDo}HV HQFRQWUDGDV QD OLWHUDWXUD VREUH DV LQIOXrQFLDV GR WUDEDOKR
HFRQ{PLFRVROLGiULRGHYLGRjVVXDVFDUDFWHUtVWLFDVSHFXOLDUHVHGLYHUJHQWHVGDVFDSLWDOLVWDV

(&2120,$ 62/,'È5,$ ( &223(5$7,9,602 $ 25*$1,=$d2 '2

75$%$/+2'26&$7$'25(6'(0$7(5,$,65(&,&/È9(,6

$(&2120,$62/,'È5,$(2&223(5$7,9,60212%5$6,/

$ HFRQRPLD VROLGiULD H R FRRSHUDWLYLVPR VXUJLUDP QD (XURSD QR VpFXOR ;,; VHQGR
FRQWHPSRUkQHDGD3ULPHLUD5HYROXomR,QGXVWULDO(ODIRLLQYHQWDGDSRURSHUiULRVHPUHVSRVWD
j VLWXDomR GH GHVHPSUHJR RFDVLRQDGD SHOD SURSDJDomR GHVJRYHUQDGD GH WHFQRORJLDV R TXH
JHURXSREUH]DHH[FOXVmRVRFLDO 6,1*(5E
1HVVH FRQWH[WR GH VXUJLPHQWR D HFRQRPLD VROLGiULD VH FRQVWLWXLX WDQWR FRPR XPD
IRUPDGHJHUDUWUDEDOKRHUHQGDSDUDDSRSXODomRPDUJLQDOL]DGDTXDQWRXPPHLRGHLQVWLJDUD
UHIOH[mRVREUHRIXQFLRQDPHQWRGRVLVWHPDFDSLWDOLVWDTXHWHPFRPRXPGHVHXVSULQFtSLRVD
OHL GD RIHUWD H GD SURFXUD FLUFXQGDGD SHOD OLYUH FRQFRUUrQFLD $ HFRQRPLD VROLGiULD DR
FRQWUiULRGRIXQFLRQDPHQWRGHVVHVLVWHPDKHJHP{QLFRSRGHULDDWLQJLUXPHTXLOtEULRHQWUHDV
UHODo}HVGHFRPHUFLDOL]DomRSURSLFLDQGRPDLRUVHJXUDQoDDRVWUDEDOKDGRUHV
1R %UDVLO D HFRQRPLD VROLGiULD DSDUHFHX GXUDQWH RVpFXOR ;; QD GpFDGD GH
(VWD IRL XPD pSRFD GH JUDQGH FULVH HFRQ{PLFD H LQIODFLRQiULD QR %UDVLO TXH SURYRFRX D
IDOrQFLDGHGLYHUVDVHPSUHVDV 6,1*(5
1HVVH SHUtRGR GH FULVH TXDQGR DV UHODo}HV GH WUDEDOKR VH WRUQDUDP PDLV SUHFiULDV
SHUFHEHXVH TXH D UHGXomR GDV GHVLJXDOGDGHV VRFLDLV QmR HUD DVVHJXUDGD SHOR FUHVFLPHQWR
HFRQ{PLFR (VWH SHQVDPHQWR GH TXH D LQGXVWULDOL]DomR WUDULD QDWXUDOPHQWH D GLVWULEXLomR GH
UHQGD JRYHUQRX DWp RV DQRV $025,0 $5$Ò-2 $5$Ò-2 6,/9$
5HIRUoDQGR D LQVXVWHQWDELOLGDGH GHVVH SHQVDPHQWR DWp R LQtFLR GR VpFXOR ;;, D HFRQRPLD
EUDVLOHLUDDLQGDQmRKDYLDFRQVHJXLGRVHHVWDELOL]DUHRSURFHVVRGHUHHVWUXWXUDomRSURGXWLYD
UHDOL]DGRDOpPGHGLILFXOWDUDJHUDomRGHQRYRVSRVWRVGHWUDEDOKRDFDERXFRPYiULRVRXWURV
(VWH FHQiULR GH IDOrQFLDV H GHVHPSUHJR VHJXLX SHODV GpFDGDV GH H 6,1*(5
D
$ HFRQRPLD VROLGiULD SRU VXD YH] FRQVWLWXLXVH QR%UDVLO FRPR XPD DOWHUQDWLYD DRV
GHVHPSUHJDGRV SRU SRVVLELOLWDU D VXD RUJDQL]DomR HP FRRSHUDWLYDV H GHVVH PRGR j
UHFXSHUDomRGHHPSUHVDVIDOLGDVHjPDQXWHQomRGHSRVWRVGHWUDEDOKR 6,1*(5D
1DVSDODYUDVGH3DXO6LQJHU

$ HFRQRPLD VROLGiULD IRL LQYHQWDGD SRU RSHUiULRV QRV SULPyUGLRV GR
FDSLWDOLVPRLQGXVWULDOFRPRUHVSRVWDjSREUH]DHDRGHVHPSUHJRUHVXOWDQWHV
GD GLIXVmR ©GHVUHJXODPHQWDGDª GDV PiTXLQDVIHUUDPHQWD H GR PRWRU D
YDSRUQRLQtFLRGRVpFXOR;,;$VFRRSHUDWLYDVHUDPWHQWDWLYDVSRUSDUWHGH
WUDEDOKDGRUHVGHUHFXSHUDUWUDEDOKRHDXWRQRPLDHFRQ{PLFDDSURYHLWDQGRDV

QRYDV IRUoDV SURGXWLYDV 6XD HVWUXWXUDomR REHGHFLD DRV YDORUHV EiVLFRV GR
PRYLPHQWRRSHUiULRGHLJXDOGDGHHGHPRFUDFLDVLQWHWL]DGRVQDLGHRORJLDGR
VRFLDOLVPR 6,1*(5DS

$HFRQRPLDVROLGiULDIRLHYLGHQFLDGD FRPHVWDGHQRPLQDomRQR %UDVLOQDGpFDGDGH
SHUtRGRHPTXHDSDUHFHUDPGLYHUVDVDWLYLGDGHVHFRQ{PLFDVFRPIRUPDVGHRUJDQL]DomR
GLIHUHQWHVGDVFDSLWDOLVWDVHTXHWLQKDPFRPRSULQFtSLRVDFRRSHUDomRDDXWRQRPLDHDJHVWmR
GHPRFUiWLFD ¬ IUHQWH GHVWDV RUJDQL]Do}HV HVWDYDP FLGDGmRV SURGXWRUHV H FRQVXPLGRUHV
/$9,//(*$,*(5
$ HFRQRPLD VROLGiULD WHP FRPR SULQFtSLRV GHIHQGHU D SURSULHGDGH FROHWLYD RX
DVVRFLDGD D OLEHUGDGH LQGLYLGXDO D GLVWULEXLomR GH UHQGD GH IRUPD HTXDOLWiULD H D
VROLGDULHGDGH +LVWRULFDPHQWH HOD SRVVLELOLWD D SURPRomR GH VLJQLILFDGR DR WUDEDOKR
IDYRUHFHQGR D LPSOLFDomR GH YDORU DR WUDEDOKDGRU *$,*(5 R TXH VHULD LPSRVVtYHO
HPVLWXDomRGHGHVHPSUHJRRXWUDEDOKRLQIRUPDO '$/0$*52&287,1+2 (VWD
DILUPDomR GHYpP GR VHQWLGR GH TXH D HFRQRPLD VROLGiULD YDORUL]D R VHU KXPDQR H QmR R
FDSLWDO (OD p XP LQVWUXPHQWR SDUD TXH DV SHVVRDV SRVVDP WUDEDOKDU H JHUDU UHQGD GH IRUPD
MXVWDHQmRSDUDLQVWLJDUDFRQFRUUrQFLD
1HVVH VHQWLGR SRGHVH GHILQLU D HFRQRPLD VROLGiULD FRPR R ³FRQMXQWR GH DWLYLGDGHV
HFRQ{PLFDV GH SURGXomR GLVWULEXLomR FRQVXPR SRXSDQoD H FUpGLWR ± RUJDQL]DGDV H
UHDOL]DGDV VROLGDULDPHQWH SRU WUDEDOKDGRUHV H WUDEDOKDGRUDV VRE D IRUPD FROHWLYD H
DXWRJHVWLRQiULD´ %5$6,/S
/DYLOOHH*DLJHU FRQVWDWDPTXHDDWXDomRJUXSDOFLUFXQGDGDSHODDXWRJHVWmR
OHYD j IRUPDomR GH QRYRV DWRUHV TXH FRQWULEXHP QD EXVFD SHOR EHPHVWDU VRFLDO (VWD
IRUPDomR GH QRYRV DWRUHV VRFLDLV RFRUUH SHOD PXGDQoD GH YLVmR VREUH FRPR GHYHP VHU DV
UHODo}HVSURGXWLYDVHDRUJDQL]DomRGRWUDEDOKR&RQVLGHUDQGRVHTXHRWUDEDOKRLQIOXHQFLDD
YLGD VRFLDO GR LQGLYtGXR H TXH D HFRQRPLD VROLGiULD p FRQVWLWXtGD SRU SULQFtSLRV TXH
YDORUL]DP R WUDEDOKDGRU LQFHQWLYDP VXD DXWRQRPLD D LJXDOGDGH H DV UHODo}HV MXVWDV GH
WUDEDOKR EXVFDU R EHP HVWDU VRFLDO VH WRUQD XP REMHWLYR LPSRUWDQWH SDUD R PRYLPHQWR GD
HFRQRPLDVROLGiULD
$DXWRJHVWmRSRGHVHUFRQVLGHUDGDFRPR

>@ XP SURMHWR GH RUJDQL]DomR GHPRFUiWLFD TXH SULYLOHJLD D GHPRFUDFLD
GLUHWD (VWD FRQVWLWXL XP VLVWHPD HP TXH YROXQWDULDPHQWH VHP SHUFHEHUHP
UHPXQHUDomRHVHPUHFRUUHUHPDLQWHUPHGLiULRVRVFLGDGmRVGHEDWHPWRGDV
DVTXHVW}HVLPSRUWDQWHVHPDVVHPEOpLDV 027+eS

1R FDStWXOR VHUi DSUHVHQWDGR FRQWH~GR VREUH D LQIOXrQFLD GR WUDEDOKR QD GLQkPLFD IDPLOLDU SHUSDVVDQGR
WDPEpPSHODVXDLQIOXrQFLDQDYLGDVRFLDOGRLQGLYtGXR

$ DXWRJHVWmR SRVVXL XPD LPSOLFDomR SUiWLFD FRPR SUREOHPD UHIHUHQWH j SRVWXUD GR
OtGHUHDRFRPSURPLVVRGRVPHPEURVGRJUXSRFRPDVXDWRWDOLGDGH$OLGHUDQoDpFRQVWUXtGD
QRGLDDGLDHRUHVSHLWRDHODRFRUUHSRUVXDXWLOLGDGHHSHODQHFHVVLGDGHGHVXDH[LVWrQFLD
8PD DXWRULGDGH LPSRVWD QmR FRQTXLVWD R UHVSHLWR GR JUXSR PDV SRU RXWUR ODGR XP JUXSR
GHVLQWHUHVVDGRHGHVXQLGRQmRUHFHEHRVHVIRUoRVGHXPOtGHUSDUDPDQWrOR(VVHHTXLOtEULR
HVWi GLUHWDPHQWH UHODFLRQDGR j VREUHYLYrQFLD GR HPSUHHQGLPHQWR D TXDO SRGH VHU SRVWD HP
ULVFRSHORVXUJLPHQWRGHFRQIOLWRV &58=
$ HFRQRPLD VROLGiULD p FRPSRVWD SRU HPSUHHQGLPHQWRV TXH GH IDWR LPSOHPHQWDP H
SUDWLFDP RV SULQFtSLRV FRRSHUDWLYLVWDV GHQWUR RV TXDLV HVWi D DXWRJHVWmR 3RUpP H[LVWHP
JUDXV YDULDGRV GH DXWRJHVWmR WDQWR GH XPD FRRSHUDWLYD SDUD RXWUD TXDQWR HP XPD PHVPD
(VWD YDULDomR HP UHODomR DR JUDX GH DXWRJHVWmR SUDWLFDGR RFRUUH GHYLGR j IRUPD FRPR DV
FRRSHUDWLYDVVHRULJLQDUDPHDRPRPHQWRTXHHODVHVHXVFRRSHUDGRVYLYHQFLDP$FUHVFHQWD
VH DLQGD TXH R JUDX GH DXWRJHVWmR GH XP HPSUHHQGLPHQWR GHSHQGH GR LQWHUHVVH GH VHXV
PHPEURVVREUHDQDWXUH]DHDRUJDQL]DomRGHVHXWUDEDOKR 6,1*(5D
4XDQGR FRPHoRX QR %UDVLO R SURFHVVR GH UHFXSHUDomR GH SDWULP{QLRV IDOLGRV
REVHUYRXVHTXHSDUDVHXDUUHQGDPHQWRRXDTXLVLomRSHORVWUDEDOKDGRUHVKDYLDDQHFHVVLGDGH
GH TXH HOHV FRQKHFHVVHP H HQWHQGHVVHP RV SULQFtSLRV GD HFRQRPLD VROLGiULD (VWD
FRQVFLHQWL]DomR LQLFLDO RFRUUHX SULPRUGLDOPHQWH SRU XPD HTXLSH GD DQWLJD 6HFUHWDULD GH
)RUPDomRGR6LQGLFDWRGRV4XtPLFRVGH6mR3DXOR3RUpPHPDGLUHWRULDGRVLQGLFDGR
IRLDOWHUDGDOHYDQGRDRIHFKDPHQWRGD6HFUHWDULDGH)RUPDomR 6,1*(5D
$LQGD HP VXUJLX D $VVRFLDomR 1DFLRQDO GRV 7UDEDOKDGRUHV GH (PSUHVDV GH
$XWRJHVWmR H 3DUWLFLSDomR $FLRQiULD $17($* ¬ VXD RUJDQL]DomR IRL DWULEXtGD D
UHVSRQVDELOLGDGH GH VXSULU DV QHFHVVLGDGHV GH FRRUGHQDomR GRV SURFHVVRV GH WUDQVIRUPDomR
GDV HPSUHVDV HP FRRSHUDWLYDV H GH SRVVLELOLWDU DRV WUDEDOKDGRUHV D DSURSULDomR GH
FRQKHFLPHQWRV LQGLVSHQViYHLV SDUD R GHVHPSHQKR GH IXQo}HV QHVVD QRYD RUJDQL]DomR GH
WUDEDOKR 2XWUDV GHPDQGDV GH UHVSRQVDELOLGDGH GD $17($* HUDP DV GH DUWLFXODU H
GHPRFUDWL]DULQIRUPDo}HVHHVSDoRVGHGLVFXVVmRDTXDOUHVXOWRXHPQDFLGDGHGH6mR
3DXORR(QFRQWURGRV7UDEDOKDGRUHVHP(PSUHVDVGH$XWRJHVWmR 6,1*(5D
$ SDUWLU GR DQR D $17($* SDVVRX D VHU FRQWUDWDGD SRU JRYHUQRV TXH
SULRUL]DYDPDHFRQRPLDVROLGiULDHPVXDVSROtWLFDVHDo}HV(PHODMiDVVHVVRUDYDHP
WRUQRGH((6SHOR%UDVLO 6,1*(5D
0XLWDVRXWUDVLQVWLWXLo}HVWDLVTXDLVVLQGLFDWRVLJUHMDFDWyOLFDLQFXEDGRUDVHDOJXPDV
SUHIHLWXUDV FRODERUDUDP FRP RV ((6 H[HUFHQGR IXQo}HV GH DSRLDU D IRUPDomR GH QRYRV
HPSUHHQGLPHQWRV LQFHQWLYDU D HVWUXWXUDomR GH RXWURV H GH IRPHQWDU SURMHWRV GH JHUDomR GH

WUDEDOKR H UHQGD TXH VHJXHP RV SULQFtSLRV HFRQ{PLFRVROLGiULRV 1DV SDODYUDV GH &DUYDOKR

'LYHUVDV LQLFLDWLYDV GH GLIHUHQWHV VHJPHQWRV GD VRFLHGDGH FRQWULEXtUDP H
DLQGD FRQWULEXHP SDUD FRPSRU R TXDGUR GD HFRQRPLD VROLGDULD EUDVLOHLUD
DWXDOHQWUHDVTXDLVSRGHPRVFLWDUDVDo}HVGD&iULWDV%UDVLOHLUDHQWLGDGH
GD ,JUHMD &DWyOLFD OLJDGD D &RQIHUrQFLD 1DFLRQDO GRV %LVSRV %UDVLOHLURV
&1%% FRP RV 3URMHWRV $OWHUQDWLYRV &RPXQLWiULRV 3$&V PXLWRV GRV
TXDLVGHJHUDomRGHWUDEDOKRHUHQGDGHIRUPDFRRSHUDGDRXDVVRFLDWLYDDV
GR0RYLPHQWRGRV7UDEDOKDGRUHV5XUDLV6HP7HUUD067UHVXOWDQGRQR
DVVHQWDPHQWR GH PLOKDUHV GH IDPtOLDV D SDUWLU GH XP QRYR FRRSHUDWLYLVPR
DJUtFROD GH IDWR DXWRJHVWLRQiULR DV H[SHULrQFLDV GRV WUDEDOKDGRUHV TXH
RUJDQL]DGRV FROHWLYDPHQWH DVVXPLUDP D PDVVD IDOLGD IRUDP H WrP VLGR GH
JUDQGHLPSRUWkQFLDQmRVySDUDDPDQXWHQomRGHSRVWRVGHWUDEDOKRFRPR
SDUD D IRUPDomR GD FRPSUHHQVmR GD HFRQRPLD VROLGiULD >@ 2XWURV
VHJPHQWRVGDVRFLHGDGHEUDVLOHLUDWDPEpPYrPVHGHGLFDQGRDRWUDEDOKRGH
GLIXQGLUSULQFtSLRVGDHFRQRPLDVROLGiULDFRPRpRFDVRGDVXQLYHUVLGDGHV
HVSHFLDOPHQWH DV S~EOLFDV TXH SRU LQWHUPpGLR GDV ,QFXEDGRUDV GH
&RRSHUDWLYDV 3RSXODUHV DVVHVVRUDP RV WUDEDOKDGRUHV HP VHX SURMHWR GH
RUJDQL]DomR GR WUDEDOKR GH IRUPD FROHWLYD H GHPRFUiWLFD 6LQGLFDWRV PDLV
SURJUHVVLVWDV JRYHUQRV H LQVWLWXLo}HV FRPR D $17($* $VVRFLDomR
1DFLRQDOGRV7UDEDOKDGRUHVHP(PSUHVDV$XWRJHULGDV D81,62/ &HQWUDO
GH &RRSHUDWLYDV H (PSUHHQGLPHQWRV 6ROLGiULRV D )$%( )HGHUDomR GH
2UJDQL]DomR SDUD $VVLVWrQFLD 6RFLDO H (GXFDFLRQDO R 3$&6 ,QVWLWXWR
3ROtWLFDV$OWHUQDWLYDVSDUDR&RQH6XO WDPEpPYrPIRPHQWDQGRGLUHWDRX
LQGLUHWDPHQWHDHFRQRPLDVROLGiULD &$59$/+2

eLPSRUWDQWHGHVWDFDUGHQWUHWRGDVDVLQVWLWXLo}HVDSULPHLUD,QFXEDGRUD7HFQROyJLFD
GH&RRSHUDWLYDV3RSXODUHV ,7&3 TXHVXUJLXHPQR,QVWLWXWR$OEHUWR/XL]&RLPEUDGH
3yV*UDGXDomR H 3HVTXLVD GH (QJHQKDULD GD 8QLYHUVLGDGH )HGHUDO GR 5LR GH -DQHLUR
&233(8)5- SRU PHLR GH FRQYrQLR FRP D $JrQFLD %UDVLOHLUD GH ,QRYDomR ),1(3 H D
)XQGDomR %DQFR GR %UDVLO $ ,7&3 SDVVRX D SUHHQFKHU XPD ODFXQD LPSRUWDQWH SDUD D
FRQVROLGDomRGH((6DVVHVVRUDQGRRVDSDUWLUGHGLYHUVDViUHDVGHFRQKHFLPHQWRVQHFHVViULRV
DRV FRRSHUDGRV SDUD GHVHQYROYHUHP H PDQWHUHP RV ((6 (P IRL FULDGR R 3URJUDPD
1DFLRQDOGH,QFXEDGRUDVGH&RRSHUDWLYDV 3521,1& SHORTXDO),1(3H)XQGDomR%DQFR
GR%UDVLOSDVVDUDPDILQDQFLDUDIRUPDomRGHQRYDV,7&3V 6,1*(5D
'HQWUHGLYHUVDVDo}HVDLQFXEDGRUDSRVVLELOLWRXRGHVHQYROYLPHQWRGHFRQKHFLPHQWR
HDLQWHUYHQomRMXQWRDRV((6 &58=628=$HWDO $VDo}HVUHDOL]DGDVSHODV,7&3V
OHYDPD8QLYHUVLGDGHDFXPSULUVHXSDSHOVRFLDOGHSURGXWRUDGHFRQKHFLPHQWRHSRVVLELOLWDP
TXH D SRSXODomR VH DSUR[LPH GH QRYRV VDEHUHV SRWHQFLDOL]DQGR R FRQWDWR H DV WURFDV HQWUH
FRPXQLGDGH FLHQWtILFD H VRFLHGDGH $V XQLYHUVLGDGHV HP UHODomR DR DFRPSDQKDPHQWR GDV
GHPDQGDV UHODWLYDV DRV ((6 FRQWULEXHP QD UHODomR MXQWR jV FRRSHUDWLYDV QD EXVFD SRU VXD
HVWDELOLGDGHGHIRUPDPHQRVSUHMXGLFLDO =$1,1HWDO

&RPDDJUHJDomRGHVVHVQRYRVSDUFHLURVVHJXLXVHXPDDPSODPRYLPHQWDomRVRFLDO
UHIHUHQWHjHFRQRPLDVROLGiULDEXVFDQGRDFULDomRGHSROtWLFDVTXHSRVVLELOLWHPDRUJDQL]DomR
H D VXVWHQWDELOLGDGH GRV HPSUHHQGLPHQWRV &ULRXVH R )yUXP %UDVLOHLUR GH (FRQRPLD
VROLGiULD )%(6 FRQVLGHUDGRXPLPSRUWDQWHHVSDoRGHGLVFXVVmRHSDUWLFLSDomRTXHUHFHEHX
HVVD GHQRPLQDomR HP 2 )%(6 DWXDOPHQWH p FRQVWLWXtGR SRU FHUFD GH ³ IyUXQV
PXQLFLSDLV PLFURUUHJLRQDLV H HVWDGXDLV HPSUHHQGLPHQWRV GH HFRQRPLD VROLGiULD
HQWLGDGHVGHDVVHVVRULDJRYHUQRVHVWDGXDLVHPXQLFtSLRV´ )%(6
2)%(6GHILQLXTXHDHFRQRPLDVROLGiULDVHIXQGDPHQWDQRLGHDOGHXPDJOREDOL]DomR
KXPDQL]DGRUD H QR GHVHQYROYLPHQWR VXVWHQWiYHO HFRQ{PLFR DPELHQWDO H VRFLDO
FRQMXQWDPHQWH FRQVLGHUDQGR QHVVH PRGHOR GH GHVHQYROYLPHQWR D LPSRUWkQFLD GR DVSHFWR
LQWHUJHUDFLRQDOQDTXDOLGDGHGHYLGDGDSRSXODomR 6,1*(5D
(P IRL FULDGD SHOR *RYHUQR )HGHUDO D 6HFUHWDULD 1DFLRQDO GH (FRQRPLD
6ROLGiULD 6(1$(6 YLVDQGR SURPRYHU D JHUDomR GH WUDEDOKR H UHQGD FRP LQFOXVmR VRFLDO
DWUDYpV GH SROtWLFDV LQWHJUDGDV %5$6,/ )%(6 VG $ FULDomR GD 6(1$(6 IRL
UHLYLQGLFDGDHPFDUWDHQYLDGDDR3UHVLGHQWH/XODSHOR)%(6TXDQGRHVWHDLQGDHUDXP*UXSR
GH 7UDEDOKR HP (VSDoRV GH FRQWUROH VRFLDO IyUXQV SOHQiULDV H FRQIHUrQFLDV SDUD
GLVFXWLU VREUH HFRQRPLD VROLGiULD IRUDP RUJDQL]DGRV SHOD 6(1$(6 PDUFDQGR VHX SDSHO
SROtWLFRHHVWUDWpJLFR 6,1*(5D
$SHVDU GRV DYDQoRV SROtWLFRV H VRFLDLV FRQTXLVWDGRV SHOR PRYLPHQWR GD HFRQRPLD
VROLGiULD HOH DLQGD WHP FRPR JUDQGH GHVDILR D UHJXODPHQWDomR GH SROtWLFDV S~EOLFDV GH
(VWDGRGHHFRQRPLDVROLGiULDSDUDTXHHODVVHMDPHIHWLYDVHKDMDJDUDQWLDVSDUDDHVWDELOLGDGH
GRV ((6 H GH SURMHWRV HFRQ{PLFRVROLGiULRV ,VVR SRLV HQTXDQWR SROtWLFDV GH (VWDGR HODV
GHL[DULDPGHSRVVXLUFDUiWHUWUDQVLWyULRGHSROtWLFDVGHJRYHUQRMiTXHVHULDPDEVRUYLGDVSHOD
HVWUXWXUDGRHVWDGR 6&+,2&+(7
$VSROtWLFDVS~EOLFDVSRGHPVHUHQWHQGLGDV

>@ WDQWR FRPR XPD iUHD GH FRQKHFLPHQWR FRPR R SUySULR REMHWR GHVVDV
SROtWLFDV(QTXDQWRiUHDGRFRQKHFLPHQWRFRUUHVSRQGHPDXPFRQMXQWRGH
HVWXGRV H DQiOLVHV VREUH TXHVW}HV H WHPDV UHODWLYRV DR (VWDGR VHX SDSHO H
VXDVLQVWLWXLo}HV SHQVDPHQWRHXURSHX RXHQIDWL]DPPDLVHVSHFLILFDPHQWH
DSUySULD³DomRRXSURGXomRGRVJRYHUQRV´ UHIOH[mRWHyULFDHVWDGXQLGHQVH
6RX]D 7DLVUHIOH[}HVRIHUHFHPPRGHORVWLSRORJLDVHFRQFHLWRVSDUD
VHFRPSUHHQGHUDLQFRUSRUDomRGHVVDVDo}HVGRJRYHUQR RX(VWDGR HVHXV
LPSDFWRVVREUHDVRFLHGDGH>@$SROtWLFDS~EOLFDpDSUySULDLQLFLDWLYDGR
JRYHUQR RX GR (VWDGR TXH VH RUJDQL]D HP SODQRV SURJUDPDV H Do}HV e
LPSRUWDQWHUHFRQKHFHUTXHD³QmRDomR´DQHJOLJrQFLDGR(VWDGRRXJRYHUQR
WDPEpP LQWHJUD HVVH FRQFHLWR 1R (VWDGR PRGHUQR H VHXV JRYHUQRV GHPR
FUiWLFRV R kPELWR GD SROtWLFD S~EOLFD p D FLGDGDQLD HQWHQGLGD FRPR D

UHODomR HQWUH (VWDGR H VRFLHGDGH FLYLO PHGLDGD SHORV GLUHLWRV

6&+,2&+(7S

6RX]D S FRQVWDWD TXH ³>@ FUHQoDV YDORUHV H LGpLDV VmR LPSRUWDQWHV
GLPHQV}HV GR SURFHVVR GH IRUPXODomR GH SROtWLFDV S~EOLFDV >@´ $ SDUWLFLSDomR H D
DUWLFXODomR SRSXODUHV SRVVLELOLWDP D FRQTXLVWD GH GLUHLWRV VRFLDLV R TXH p UHPHWLGR
GLUHWDPHQWH DR H[HUFtFLR GD FLGDGDQLD 1HVVH VHQWLGR SRU PHLR GD GHPRFUDFLD RV HVIRUoRV
GHVHPSHQKDGRV SRU GLYHUVRV VHWRUHV VRFLDLV YLVDQGR PHOKRUHV FRQGLo}HV GH YLGD OHYDP j
HODERUDomR GH SROtWLFDV S~EOLFDV TXH GHYHP VHU FRQWtQXDV SODQHMDGDV HVWUXWXUDGDV H
DYDOLDGDV )(55(,5$
$VSROtWLFDVS~EOLFDVSRGHPVHUH[HFXWDGDVSHODHODERUDomRGHSURMHWRVSURJUDPDVH
FULDomRGHVHUYLoRVTXHGHYHPVHJXLURFRQWH~GRGHVHQYROYLGRDSDUWLUGDVGHPDQGDVVRFLDLV
LQGLFDGDV DRV JRYHUQRV $ QHFHVVLGDGH GH TXH DV SROtWLFDV S~EOLFDV VHMDP UHJXODPHQWDGDV
GHFRUUHGDLPSRUWkQFLDGHTXHHODVVHMDPFRQVLGHUDGDVSROtWLFDVGH(VWDGRHQmRDSHQDVFRPR
XPSURJUDPDGHJRYHUQRRTXHSRGHULDFRORFDUDVDo}HVGHVHQYROYLGDVHPULVFRQRFDVRGH
WURFD GH JRYHUQRV e QHVVH VHQWLGR TXH D QmR UHJXODPHQWDomR GH SROtWLFDV S~EOLFDV GH
HFRQRPLD VROLGiULD SRGH GHVHVWDELOL]DU RV ((6 TXH SRVVXHP SDUFHULDV FRP RV JRYHUQRV
PXQLFLSDLV
&RQVLGHUDQGR D HVWUXWXUDomR GR PRYLPHQWR GD HFRQRPLD VROLGiULD H VHXV SULQFtSLRV
UHPHWHVHjSUySULDHFRQRPLDVROLGiULDDUHDOL]DomRGHXPDFRQH[mRHQWUHSROtWLFDVS~EOLFDV
(VWDGR FRPXQLGDGHV H PHUFDGRV FRP D SURSRVWD GH XP HTXLOtEULR HQWUH DPERV
)(55(,5$ 3DUDLVVRDYLVmRGHTXHGHYDH[LVWLUXPDµHFRQRPLDGRDVVDODULDPHQWRH
GH JHUDomR GH HPSUHJRV¶ p GHVORFDGD SDUD XPD TXH SULRUL]H D EXVFD GH XPD µHFRQRPLD GH
JHUDomRGHWUDEDOKRHUHQGD¶
'HOLPLWDVHDTXLXPDSHUVSHFWLYDµVROLGDULVWD¶GDHFRQRPLDVROLGiULDDTXDOVHUHIHUH
QmRVRPHQWHjSURSDJDomRGRDFHVVRDRVGLUHLWRVVRFLDLVHjSURWHomRPtQLPDWDQWRGR(VWDGR
TXDQWRGRVPHUFDGRVPDVWDPEpPDRGHVHQYROYLPHQWRGHXPDVROLGDULHGDGHFRPXQLWiULDTXH
QmRDFHLWDVLPSOHVPHQWHSUiWLFDVFRPSHQVDWyULDPDVVLPDSULRUL]DomRGHXPDGLQkPLFDTXH
YLVHREHPHVWDU $5$Ò-26,/9$

26 (035((1',0(1726 (&21Ð0,&262/,'È5,26 ( $ 25*$1,=$d2 '2
75$%$/+2'26&$7$'25(6'(0$7(5,$,65(&,&/È9(,6

7XGROHYDDDFUHGLWDUTXHDHFRQRPLDVROLGiULDSHUPLWLUiDRFDERGHDOJXQV
DQRVGDUDPXLWRVTXHHVSHUDPHPYmRXPQRYRHPSUHJRDRSRUWXQLGDGHGH
VHUHLQWHJUDUjSURGXomRSRUFRQWDSUySULDLQGLYLGXDORXFROHWLYDPHQWH>@

6HDHFRQRPLDVROLGiULDVHFRQVROLGDUHDWLQJLUGLPHQV}HVVLJQLILFDWLYDVHOD
VH WRUQDUi FRPSHWLGRUD GR JUDQGH FDSLWDO HP GLYHUVRV PHUFDGRV 2 TXH
SRGHUi UHFRORFDU D FRPSHWLomR VLVWrPLFD RX VHMD D FRPSHWLomR HQWUH XP
PRGRGHSURGXomRPRYLGRSHODFRQFRUUrQFLDLQWHUFDSLWDOLVWDHRXWURPRYLGR
SHOD FRRSHUDomR HQWUH XQLGDGHV SURGXWLYDV GH GLIHUHQWHV HVSpFLHV
FRQWUDWXDOPHQWHOLJDGDVSRUODoRVGHVROLGDULHGDGH 6,1*(5S

(VVD SDVVDJHP GR WH[WR GH 3DXO 6LQJHU GHVFUHYH FODUDPHQWH VXD SRVLomR VREUH D
HFRQRPLDVROLGiULDDFRQVWLWXLomRGHXPQRYRPRGRGHSURGXomR6REUHLVVR6LQJHU
GLVFRUUHTXHRPRGRGHSURGXomRVROLGiULRpYtWLPDGHDOJXPDVFUtWLFDVTXHRFRQVLGHUDPXP
VLVWHPD³KtEULGRHQWUHRFDSLWDOLVPRHDSHTXHQDSURGXomRGHPHUFDGRULDV´ S 3RUpPR
DXWRUGHIHQGHTXHRVLVWHPDHFRQ{PLFRVROLGiULRVXSHUDDPERVMiTXHVHXVHPSUHHQGLPHQWRV
SRVVXHP SULQFtSLRV RUJDQL]DWLYRV WRWDOPHQWH FRQWUiULRV DR DF~PXOR GH FDSLWDO j KLHUDUTXLD
YHUWLFDOL]DGDHjFHQWUDOL]DomRGRVPHLRVGHSURGXomR

(P WRGRV HVVHV VHQWLGRV p SRVVtYHO FRQVLGHUDU D RUJDQL]DomR GH
HPSUHHQGLPHQWRV VROLGiULRV R LQtFLR GH UHYROXo}HV ORFDLV TXH PXGDP R
UHODFLRQDPHQWR HQWUH RV FRRSHUDGRUHV H GHVWHV FRP D IDPtOLD YL]LQKRV
DXWRULGDGHVS~EOLFDVUHOLJLRVDVLQWHOHFWXDLVHWF7UDWDVHGHUHYROXo}HVWDQWR
QRQtYHOLQGLYLGXDOFRPRQRVRFLDO$FRRSHUDWLYDSDVVDDVHUXPPRGHORGH
RUJDQL]DomR GHPRFUiWLFD H LJXDOLWiULD TXH FRQWUDVWD FRP PRGHORV
KLHUiUTXLFRVHDXWRULWiULRV>@ 6,1*(5S

6LQJHU E DLQGDGHIHQGHTXHDRLQYpVGDHFRQRPLDVROLGiULDDSURYHLWDUDVEUHFKDV
GR FDSLWDOLVPR p QHFHVViULR TXH HOD WHQKD XPD GLQkPLFD SUySULD SDUD TXH D HFRQRPLD H D
VRFLHGDGH VH RUJDQL]HP HP SURO GD VXSHUDomR GR MRJR GH FODVVHV FDSLWDOLVWD SURSLFLDQGR
FRQGLo}HVLJXDOLWiULDV
6LQJHU GHVWDFD D QHFHVVLGDGH GH TXH RV WUDEDOKDGRUHV GRV ((6 FRQKHoDP RV
SULQFtSLRVGDHFRQRPLDVROLGiULDFLWDQGRDVDWLYLGDGHVGHIRUPDomRFRPRLPSRUWDQWHVQHVVH
SURFHVVR Mi TXH D PXGDQoD GR PRGR GH RUJDQL]DomR GR WUDEDOKR H GR PRGR GH SURGXomR
SDUWLQGRGDVFDUDFWHUtVWLFDVFDSLWDOLVWDVSDUDDVVROLGiULDVH[LJHDHGXFDomRFRQVWDQWHGHVHXV
DWRUHVSRUHQYROYHUDQHFHVVLGDGHGHWUDQVIRUPDUKiELWRVHQUDL]DGRVFXOWXUDOPHQWH
1HVVH VHQWLGR &UX] GHVFUHYH TXH SDUD XP HPSUHHQGLPHQWR HFRQ{PLFR
VROLGiULRWHUVXFHVVRpQHFHVViULRKDMD

D DGHPRFUDFLDHRHVStULWRGHVROLGDULHGDGHSUHVHQWHVQRJUXSR
E DTXDOLILFDomRSURILVVLRQDOTXHUHSHUFXWHVREUHRSURGXWRRXVHUYLoRRIHUHFLGR
F DFDSDFLGDGHGHJHVWmRLQGLFDGDSHORHVStULWRHSHODTXDOLILFDomRHPSUHHQGHGRUDGR
JUXSRRXGHVXDVOLGHUDQoDV DSURYHLWDPHQWRGHRSRUWXQLGDGHVGHQHJyFLRVEXVFD
GHGLYHUVLILFDomRDGHTXDomRDRPHUFDGRSODQHMDPHQWRHVWUDWpJLFRHWF

'HDFRUGRFRPR6LVWHPD1DFLRQDOGH,QIRUPDo}HVGH(FRQRPLD6ROLGiULD 6,(6S
VREUHRVOHYDQWDPHQWRVGDTXDQWLGDGHGHHPSUHHQGLPHQWRVHFRQ{PLFRVROLGiULRVQRSDtV

2SULPHLUROHYDQWDPHQWRRFRUUHXHPTXDQGRIRUDPPDSHDGRV
((6(VWHOHYDQWDPHQWRIRLFRPSOHPHQWDGRHPFRPRPDSHDPHQWRGH
PDLV ((6 >@ $ WHUFHLUD URGDGD RFRUUHX QRV DQRV GH
TXDQGRIRUDPPDSHDGRVPDLV((63RUWDQWRGHVGHR6,(6Mi
LGHQWLILFRX((6HPWRGRRWHUULWyULRQDFLRQDO

$FRRSHUDGRVVmRXVXiULRVHGRQRVGHVHXV((6RUJDQL]DomRTXHSURSLFLDXPPRGHOR
DXWRJHVWLRQiULR $V FRRSHUDWLYDV WrP SRWHQFLDO UHOHYDQWH QR FRPEDWH DR GHVHPSUHJR
PHOKRUDQGRDFRQGLomRHFRQ{PLFRVRFLDOGRVWUDEDOKDGRUHV 6,1*(5E
6LQJHU D FRQVLGHUDTXHDKHJHPRQLDFDSLWDOLVWDSRUQmRFRQVHJXLUDEVRUYHUWRGD
DSRSXODomRHFRQRPLFDPHQWHDWLYDQmRLPSHGHRDSDUHFLPHQWRHHYROXomRGHRXWUDVIRUPDV
GHSURGXomRVHQGRTXHDOyJLFDFRRSHUDWLYLVWDGHVGHRVpFXOR;,;IRLVHPSUHHPSUHJDGDHP
RSRVLomRjOyJLFDKHJHP{QLFD
$V FRRSHUDWLYDV SRGHP VHU GHILQLGDV GH DFRUGR FRP D $OLDQoD &RRSHUDWLYD
,QWHUQDFLRQDO $&,WUDGXomRQRVVD FRPR

>@ HPSUHHQGLPHQWRV GH SURSULHGDGH H DGPLQLVWUDGR SRU H SDUD RV VHXV
PHPEURV 2V PHPEURV VmR FOLHQWHV HPSUHJDGRV RX KDELWDQWHV TXH WrP
PHVPD YR] QDV GHFLV}HV H LJXDO SDUWLFLSDomR QRV H[FHGHQWHV >@ &RPR
HPSUHVDV LPSXOVLRQDGDV SRU YDORUHV QmR YROWDGRV SDUD R OXFUR DV
FRRSHUDWLYDVFRPSDUWLOKDPSULQFtSLRVDFRUGDGRVLQWHUQDFLRQDOPHQWHHDWXDP
HPFRQMXQWRSDUDFRQVWUXLUXPPXQGRPHOKRUDWUDYpVGDFRRSHUDomR

+LULDUW FRPSOHPHQWDUPHQWH GHILQH FRRSHUDWLYD FRPR ³XPD VRFLHGDGH GH
SHVVRDV FRP IRUPD H QDWXUH]D MXUtGLFD SUySULDV GH QDWXUH]D FLYLO QmR VXMHLWD j IDOrQFLD
FRQVWLWXtGDSDUDSUHVWDUVHUYLoRVDVHXVDVVRFLDGRV´
6HJXQGR &DUYDOKR S R FRRSHUDWLYLVPR WHP VHWH SULQFtSLRV ³DGHVmR
YROXQWiULDHOLYUHJHVWmRGHPRFUiWLFDSHORVPHPEURVSDUWLFLSDomRHFRQ{PLFDGRVPHPEURV
DXWRQRPLD H LQGHSHQGrQFLD HGXFDomR IRUPDomR H LQIRUPDomR LQWHUFRRSHUDomR H LQWHUHVVH
SHODFRPXQLGDGH´$DXWRUDHVFODUHFHTXHHVWHVSULQFtSLRVIRUDPIRUPXODGRVSHORV3LRQHLURV
GH5RFKGDOHHTXHSDVVDUDPSRUXPDDWXDOL]DomRQR&RQJUHVVRGD$&,HP
1RVLWHGD$&,HQFRQWUDPVHLQIRUPDo}HVGHTXHDVFRRSHUDWLYDVEHPVXFHGLGDVSHOR
PXQGR SHOR WUDEDOKR GHVHQYROYLGR WrP JHUDGR HPSUHJR H UHQGD SURSLFLDQGR UHVSRVWDV
SRVLWLYDVQRFRPEDWHjSREUH]D3RUpPSDUDTXHDVFRRSHUDWLYDVVHMDPEHPGHVHQYROYLGDVH
WHQKDP ERQV UHVXOWDGRV VRFLDLV FRPR LQGLFD D $&,RV FRRSHUDGRV QHFHVVLWDP GH LQ~PHUDV
KDELOLGDGHVHFRQKHFLPHQWRVSDUDTXHSRVVDPUHDOL]DUDVDWLYLGDGHVQHFHVViULDVGHQWURGHVVD
IRUPDGHRUJDQL]DomR )5$1&(6&+,1,

8WLOL]DQGRVH GH XPD EUHFKD GR VLVWHPD FDSLWDOLVWD D HFRQRPLD VROLGiULD FRQVHJXLX
SODQWDU XPD VHPHQWH VREUH R TXH VLJQLILFD H GHVGH HQWmR SDVVRX D VH GHVHQYROYHU EXVFDQGR
QmR VHU VRPHQWH XPD DOWHUQDWLYD GH RUJDQL]DomR IUHQWH DR GHVHPSUHJR PDV VLP XPD
DOWHUQDWLYDGHVLVWHPDSURGXWLYRTXHSULRUL]DQRYDVIRUPDVGHUHODomRRTXHYHPPRVWUDQGR
DRORQJRGRVDQRVGHVGHRVHXVXUJLPHQWRDWUDYpVGRVUHVXOWDGRVTXHpFDSD]GHDOFDQoDU

$RUJDQL]DomRGRVFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV

&RQVLGHUDQGRRFHQiULRGHGHVHQYROYLPHQWRGRFDSLWDOLVPRHPpSRFDVGH5HYROXomR
,QGXVWULDORGHVHPSUHJRIRLRUHVXOWDGRGDVXEVWLWXLomRGDPmRGHREUDKXPDQDSHORWUDEDOKR
GDV PiTXLQDV GHFRUUHQWH GR JUDQGH DYDQoR WHFQROyJLFR (P EXVFD GH DOWHUQDWLYDV GH
VREUHYLYrQFLDDPmRGHREUDH[FHGHQWHHGHVHPSUHJDGDPLJURXSDUDRPHUFDGRLQIRUPDOGH
WUDEDOKR $1781(6 &$67(/ (VWH FHQiULR UHVXOWRX QR DXPHQWR GD GLVSXWD
SRU WUDEDOKR H UHQGD GLPLQXLQGR R SRGHU GRV WUDEDOKDGRUHV VREUH VHXV GLUHLWRV
32&+0$11 HSRVVLELOLWDQGRDRHPSUHJDGRUGHILQLURYDORUDVHUSDJRSHORWUDEDOKR
FDUDFWHUL]DQGRXPTXDGURGHH[SORUDomRGDPmRGHREUDGRVWUDEDOKDGRUHVHGHFRQVHTXHQWH
SUHFDUL]DomRGRWUDEDOKR 6,1*(5
$ UHDOL]DomR GD FDWDomR FRPR XPD DWLYLGDGH GH JHUDomR GH UHQGD VXUJLX
KLVWRULFDPHQWH QHVVH SHUtRGR GH FRQVWDQWH FUHVFLPHQWR GR GHVHPSUHJR 01&5 $
SULQFtSLR R FDWDGRU WUDEDOKDYD HP FRQGLo}HV SUHFiULDV DOpP GH VHU PDUJLQDOL]DGR
VRFLDOPHQWH $OJXQV SRVVXtDP YtQFXOR FRP SURSULHWiULRV GH FDUULQKRV RV TXDLV XWLOL]DYDP
SDUD WUDEDOKDU 2V FDWDGRUHV FRQVLGHUDYDPQRV EHQIHLWRUHV PDQLIHVWDQGR VHQWLPHQWR GH
JUDWLGmR H H[HUFHQGR XPD DWLWXGH SDVVLYD SRU VH VHQWLUHP GHYHGRUHV H VHP R GLUHLWR GH
UHFODPDUTXDQGRDOJRRVLQFRPRGDYD &5$92.5$(0(5
(VWD FRQGLomR LOXVWUD D IDOWD GH FRQVFLrQFLD GR FDWDGRU VREUH D LPSRUWkQFLD GH VHX
WUDEDOKRMiTXHPHVPRFRP³>@WRGDDGLVFULPLQDomRTXHVRIUHPDVSHVVRDVTXHRSUDWLFDP
>R WUDEDOKR GH FDWDGRU@ HVWH QmR HVWi GHVYLQFXODGR GR VLVWHPD SURGXWLYR´ &5$92
.5$(0(5S
$V LQG~VWULDV LQVHULGDV QD FDGHLD GD UHFLFODJHP SRVVXHP XPD JUDQGH GHPDQGD SRU
UHVtGXRV UHFLFOiYHLV R TXH UHVXOWD HP XP DXPHQWR FRQVLGHUiYHO GR Q~PHUR GH FDWDGRUHV
SULQFLSDOPHQWHQDVJUDQGHVFLGDGHV )(55(,5$ (VVDQHFHVVLGDGHHYLGHQFLDTXHR

>@VXEHPSUHJRHDVDWLYLGDGHVDSDUHQWHPHQWHLUUHJXODUHVHPDUJLQDLVQmR
VLJQLILFDPH[FOXVmRGRVLVWHPDPDVXPDIRUPDSDUWLFXODUGHLQVHUomRTXH
SHUPLWHDH[SURSULDomRGRYDORUSRUHVWDFDWHJRULDFRQFUHWL]DQGRVHDVVLPD

OyJLFDGDDFXPXODomRPHVPRQRVHVSDoRVRQGHDVUHODo}HVGHSURGXomRQmR
VH PDQLIHVWDP FRPR WLSLFDPHQWH FDSLWDOLVWDV &5$92 .5$(0(5
S

(PFRPRREMHWLYRGHGLVFXWLUDVLWXDomRGDVIDPtOLDVGHYLYHPGROL[RVXUJLXR
)yUXP 1DFLRQDO /L[R H &LGDGDQLD 6XD SULQFLSDO PRWLYDomR HUD HUUDGLFDU R WUDEDOKR GH
FULDQoDV H DGROHVFHQWHV H FULDU DOWHUQDWLYDV DR WUDEDOKR GRV FDWDGRUHV DGXOWRV SDUD TXH
WLYHVVHPPHOKRUHVFRQGLo}HV1HVVHVHQWLGREXVFDYDWDPEpPDHUUDGLFDomRGRVOL[}HV(VWH
IyUXPDWXDDWpRVGLDVDWXDLVH[LVWLQGRWDPEpPRXWURVIyUXQVFULDGRVQRVkPELWRVPXQLFLSDO
HHVWDGXDOTXHFRPSDUWLOKDPRPHVPRREMHWLYRGR)yUXP1DFLRQDOIDYRUHFHQGRDDPSOLDomR
GH³SURJUDPDVGHUHFXSHUDomRHUHFLFODJHPFRPLQFOXVmRGRVFDWDGRUHV´ *5,0%(5*
S
(PRFRUUHXR,(QFRQWUR1DFLRQDOGH&DWDGRUHVGH3DSHOGXUDQWHRTXDOVXUJLX
R 0RYLPHQWR 1DFLRQDO GRV &DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV 01&5 SRUpP VHX
UHFRQKHFLPHQWRRFRUUHXVRPHQWHHPFRPRUHVXOWDGRGDOXWDGRVFDWDGRUHVHPEXVFDGH
PHOKRUHV FRQGLo}HV GH WUDEDOKR H LQFOXVmR VRFLDO 01&5 D (VWH UHFRQKHFLPHQWR IRL
LPSRUWDQWH FRQVLGHUDQGR TXH D RUJDQL]DomR GRV WUDEDOKDGRUHV HP PRYLPHQWRV ³SRGH
FRQWULEXLU SDUD PHOKRUDU D VRFLHGDGH FRP QRYDV RSRUWXQLGDGHV GH WUDEDOKR MXVWLoD VRFLDO H
PDLRU HTXLOtEULR QD GLVWULEXLomR GH UHQGD´ 3,1+(/ =$1,1 0Ð1$&2 S 2
01&5SURFXUDXPDWUDQVIRUPDomRVRFLDOTXHFRQWHPSOHXPDVRFLHGDGHMXVWDSDUDWRGRVR
TXHGHSHQGHGRILPGDLQGLIHUHQoDGDFRQVWLWXLomRGHUHODo}HVVROLGiULDVHGDSDUWLFLSDomRGR
WUDEDOKDGRUHPHVSDoRVGHGHFLVmR 01&5
$WXDOPHQWH R 01&5 SRVVXL XPD RUJDQL]DomR LQWHUQD UHIHUHQWH DR RUJDQRJUDPD GD
)LJXUD (VVD RUJDQL]DomR IDFLOLWD D DUWLFXODomR SROtWLFD GR PRYLPHQWR TXH p EDVHDGD QD
GHPRFUDFLD GLUHWD 2V FDWDGRUHV UHSUHVHQWDQWHV GH FDGD LQVWkQFLD FRQVLGHUDGDV HVSDoRV
GHOLEHUDWLYRVVmRHOHLWRVSHULRGLFDPHQWHSRUFDWDGRUHVGHLQVWkQFLDVDQWHULRUHV$&RPLVVmR
1DFLRQDO p UHVSRQViYHO DWUDYpV GD (TXLSH GH $UWLFXODomR SRU HQFDPLQKDU DV GHFLV}HV
GHOLEHUDGDV 01&5 2VFDWDGRUHVHOHLWRVUHSUHVHQWDQWHVGRVFRPLWrVHFRPLVV}HVGDV
GLYHUVDVLQVWkQFLDVVmRUHVSRQViYHLVSRUDUWLFXODUDVGHPDQGDVGRVFDWDGRUHVFRPRVJRYHUQRV
GH FDGD HVIHUD FRUUHVSRQGHQWH $ SDUWLFLSDomR GH DSRLDGRUHV SHUPHLD HVVH SURFHVVR
FRQWULEXLQGRWDQWRFRPDDUWLFXODomRVHXVVDEHUHVMXQWRDRVGRVFDWDGRUHVSDUDSRWHQFLDOL]DU
DV GHFLV}HV H Do}HV GR PRYLPHQWR TXDQWR SDUD D EXVFD GH HIHWLYDomR GRV GLUHLWRV GRV
FDWDGRUHVHGHSROtWLFDVS~EOLFDVSDUDHVWDSRSXODomR

)LJXUD±2UJDQRJUDPD 01&5E

1DVSDODYUDVGRSUySULR01&5 HOHSRGHVHUFRQVLGHUDGRFRPR

>@XPPRYLPHQWRVRFLDOTXH>@YHPRUJDQL]DQGRRVFDWDGRUHVHFDWDGRUDV
GHPDWHULDLVUHFLFOiYHLVSHOR%UDVLODIRUD%XVFDPRVDYDORUL]DomRGHQRVVD
FDWHJRULD GH FDWDGRU TXH p XP WUDEDOKDGRU H WHP VXD LPSRUWkQFLD 1RVVR
REMHWLYRpJDUDQWLURSURWDJRQLVPRSRSXODUGHQRVVDFODVVHTXHpRSULPLGD
SHODV HVWUXWXUDV GR VLVWHPD VRFLDO 7HPRV SRU SULQFtSLR JDUDQWLU D
LQGHSHQGrQFLDGHFODVVHTXHGLVSHQVDDIDODGHSDUWLGRVSROtWLFRVJRYHUQRVH
HPSUHViULRVHPQRVVRQRPH$FUHGLWDPRVQDSUiWLFDGDDomRGLUHWDSRSXODU
TXH p D SDUWLFLSDomR HIHWLYD GR WUDEDOKDGRU HP WXGR TXH HQYROYH VXD YLGD
DOJR TXH URPSH FRP D LQGLIHUHQoD GR SRYR H DEUH FDPLQKR SDUD D
WUDQVIRUPDomRGDVRFLHGDGH

µ&DWDGRU GH PDWHULDLV UHFLFOiYHLV¶ p XPD FDWHJRULD GH WUDEDOKR TXH IRL UHFRQKHFLGD
FRPR RFXSDomR SHOD &ODVVLILFDomR %UDVLOHLUD GH 2FXSDo}HV &%2 HP $SHVDU GHVVH
UHFRQKHFLPHQWRWDUGLRFRQVWDWDVHTXHDFDWDomRVXUJLXQRPXQGRGRWUDEDOKRHPWRUQRGRV
DQRV 01&5 $ GHILQLomR GH µFDWDGRU GH PDWHULDLV UHFLFOiYHLV¶ FRPR XPD
FDWHJRULDGHWUDEDOKRSHOD&%2IRLXPDFRQTXLVWDGR01&5
$&%2WHPDIXQomRGHQRPHDUDVDWLYLGDGHVHQFRQWUDGDVQRPHUFDGRGHWUDEDOKRH
GLVSRU VREUH VXDV IXQo}HV (P UHODomR j RFXSDomR GH µ&DWDGRU GH 0DWHULDO 5HFLFOiYHO¶

UHJLVWUDGR VRE R FyGLJR GHILQLVH TXH VmR FDWDGRUHV DV SHVVRDV TXH ³&DWDP
VHOHFLRQDPHYHQGHPPDWHULDLVUHFLFOiYHLVFRPRSDSHOSDSHOmRHYLGUREHPFRPRPDWHULDLV
IHUURVRV H QmR IHUURVRV H RXWURV PDWHULDLV UHDSURYHLWiYHLV´ %5$6,/ VG QS GHQWUH RV
TXDLV VH LQFOXHP ³&DWDGRU GH IHUURYHOKR &DWDGRU GH SDSHO H SDSHOmR &DWDGRU GH VXFDWD
&DWDGRUGHYDVLOKDPH(QIDUGDGRUGHVXFDWD FRRSHUDWLYD 6HSDUDGRUGHVXFDWD FRRSHUDWLYD
7ULDGRUGHVXFDWD FRRSHUDWLYD ´ %5$6,/VGQS
$&%2WDPEpPLQVWLWXLTXHSDUDRFDWDGRUGHVHQYROYHUDVDWLYLGDGHVTXHVHUHPHWHPj
VXDRFXSDomRHOHQHFHVVLWDWHUGLYHUVDVKDELOLGDGHTXHSRGHPVHUYLVXDOL]DGDVQR4XDGUR

4XDGUR±+DELOLGDGHVQHFHVViULDVDRVFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV
&RQWLQXD
$ &ROHWDUPDWHULDOUHFLFOiYHOHUHDSURYHLWiYHO
3X[DUFDUURoDFDUULQKR &ROHWDUPDWHULDOMXQWRjVFRPXQLGDGHV
&RQGX]LUFDUURoDGHWUDomRDQLPDO &ROHWDUPDWHULDOQRVSRQWRVGHFROHWD
&RQGX]LUYHtFXOR SHUXDFDPLQKmR &ROHWDUPDWHULDOQRVHVWDEHOHFLPHQWRVFRPHUFLDLV
(VWDEHOHFHUURWHLURGHFROHWD &ROHWDUPDWHULDOQRVFRQGRPtQLRV
3HGLUPDWHULDOQDVUHVLGrQFLDV &ROHWDUPDWHULDOHPHPSUHVDV LQG~VWULDV
3URFXUDUPDWHULDOQDVFDoDPEDVGHUXD 3HUFRUUHURVSRQWRVGHFROHWD
9HULILFDUSRQWRVGHFROHWD &DUUHJDUFDUULQKRFDUURoDFDPLQKmRSHUXD
&ROHWDUPDWHULDOQDVUHVLGrQFLDV 3URFXUDUQRYRVSRQWRVGHFROHWD
% 'DUHQWUDGDQRPDWHULDO
&RQIHULUDEDODQoD &RQWDUYDVLOKDPHVUHWRUQiYHLV
'HVFDUUHJDUFDPLQKmRSHUXDFDUULQKRFDUURoD &RORFDUPDWHULDOQDFDoDPED
&RQIHULUPDWHULDO 3HVDUFDPLQKmR
3HVDUPDWHULDOUHFLFOiYHOVHSDUDGR 3HVDUROL[RQmRUHFLFOiYHO
& 6HSDUDURPDWHULDOFROHWDGR
7ULDUPDWHULDOUHFLFOiYHOHQmRUHFLFOiYHO &RORFDUPDWHULDOQmRUHFLFOiYHOHPFRQWrLQHUHV
7ULDUPDWHULDOUHFLFOiYHOSRUWLSR SDSHOYLGUR ODW}HVVDFRVHWF
IHUURVRQmRIHUURVRSOiVWLFR $QRWDUPDWHULDOVHSDUDGR
7ULDUPDWHULDOSRUTXDOLGDGH SDSHOEUDQFRSDSHO 6HSDUDUGRDo}HV
DUTXLYRSOiVWLFRPROHPDWHULDOILQRQmRIHUURVR (QFDPLQKDUROL[RSDUDRWUDQVERUGR
' 3UHSDUDURPDWHULDOSDUDDH[SHGLomR
3UHQVDURDOXPtQLR 7LUDUHVSLUDOGHFDGHUQR
3UHQVDURSOiVWLFR 7LUDUUyWXORVGDVHPEDODJHQVSOiVWLFDV
$PDUUDURVIDUGRV (QVDFDUPDWHULDO DOXPtQLRSOiVWLFRV
7LUDUJUDPSRVGHSDSHO
( 5HDOL]DUPDQXWHQomRGRDPELHQWHHHTXLSDPHQWRVGHWUDEDOKR
)DEULFDUFDUULQKRVFDUURoD $UUXPDUPDWHULDOQDVFDoDPEDV
3LQWDUFDUULQKRFDUURoD 5HFROKHUPDWHULDOGRFKmR
)D]HUPDQXWHQomRGRFDUULQKRFDUURoD /LPSDUSiWLRGDFRRSHUDWLYD JDOSmR
9DUUHURFKmRGDVLQVWDODo}HVGDFRRSHUDWLYD /LPSDUDSUHQVD
/DYDUEDQKHLURVGDVLQVWDODo}HVGDFRRSHUDWLYD /LPSDUDEDODQoD
/DYDUTXLQWDOGDFRRSHUDWLYD 5HWLUDUiJXDGHUHFLSLHQWHV
7URFDUSQHXGHFDUULQKR 7UDWDUDQLPDLV
/LPSDURFDUULQKRFDUURoD 5HDOL]DUPDQXWHQomRGHYHtFXORV
) 'LYXOJDURWUDEDOKRGHUHFLFODJHP
&RQYHUVDUFRPDSRSXODomRGHSRUWDHPSRUWD (QWUHJDUIROKHWRV
'LYXOJDUHYHQWRV 2ULHQWDUVREUHSUHVHUYDomRGRPHLRDPELHQWH
3UHVWDULQIRUPDo}HVVREUHFROHWDVHOHWLYDH 'LYXOJDURWUDEDOKRGDFRRSHUDWLYD
PDWHULDLVUHFLFOiYHLV

&RQFOXVmR
* $GPLQLVWUDURWUDEDOKR
9HQGHUPDWHULDO 3DUWLFLSDUGHFRPLVV}HVFRPLWrV
&RPSUDUPDWHULDO 2UJDQL]DUDVVHPEOHLDVJHUDLVFRPFRRSHUDGRV
1HJRFLDUSUHoRV 2UJDQL]DUFXUVRVGHFDSDFLWDomRSDUDFRRSHUDGRV
&RRUGHQDURWUDEDOKRGRVFRRSHUDGRV HIDPLOLDUHV
&RQWURODUJDVWRV 3URPRYHUDMXGDDRVFRRSHUDGRVPDLV
3UHVWDUFRQWDV QHFHVVLWDGRV
'HILQLUHVFDODV 2UJDQL]DUHYHQWRVVRFLDLVGDFRRSHUDWLYD
)D]HUOLVWDGHPDWHULDO (VWDEHOHFHUSDUFHULDVFRPHPSUHVDVyUJmRV
3DUWLFLSDUGHUHXQL}HVDGPLQLVWUDWLYDV JRYHUQDPHQWDLV2QJ VHWF
3DUWLFLSDUGHUHXQL}HVSDUDWRPDGDGHGHFLV}HV 2UJDQL]DUFDPSDQKDVGHHVFODUHFLPHQWR
DVVHPEOHLDVJHUDORUGLQiULDHH[WUDRUGLQiULDV &RQWUDWDUVHUYLoRVGHFDOLEUDomRGHEDODQoDV
+ 7UDEDOKDUFRPVHJXUDQoD
9HVWLUHTXLSDPHQWRGHSURWHomRLQGLYLGXDO 9HVWLUIDL[DGHVLQDOL]DomRFLQWLODQWH FROHWH
9DFLQDUVH 9HVWLUSURWHomRFRQWUDFKXYDVRO FDSDVERQpV
5HDOL]DUH[DPHVGHVD~GHSHULyGLFRV VDSDWRVHWF
'HVLQIHWDUIHULPHQWRV 9HVWLUXQLIRUPHGDFRRSHUDWLYD
, &RPSHWrQFLDVSHVVRDLV
'HPRQVWUDUSUXGrQFLD 'HPRQVWUDUVLQFHULGDGH
'HPRQVWUDUSDFLrQFLD 'HPRQVWUDUKRQHVWLGDGH
2UJDQL]DUVH DVVRFLDo}HVFRRSHUDWLYDV $XWRRUJDQL]DUVH
9DORUL]DUVHFRPRSURILVVLRQDO 'HPRQVWUDUFULDWLYLGDGH
'HPRQVWUDUHVStULWRGHSURVSHULGDGH 'HPRQVWUDUSHUVHYHUDQoD
'HPRQVWUDUHGXFDomR 'HPRQVWUDUMRJRGHFLQWXUD
'HPRQVWUDUHILFLrQFLD 'HPRQVWUDUFDSDFLGDGHGHDWHQomRFRQVWDQWH
'HPRQVWUDUDJLOLGDGH HVSHUWH]D 'HPRQVWUDUKDELOLGDGHGHSX[DUFDUURoD
3URWHJHUVHFRQWUDDYLROrQFLDQDUXD
)217(%5$6,/ VG

9LVDQGRFDSDFLWDURFDWDGRUSDUDTXHHOHWHQKDIHUUDPHQWDVSDUDRUJDQL]DUHGHIHQGHUR
VHX WUDEDOKR R 01&5 RUJDQL]D GLYHUVRV HQFRQWURV UHJLRQDLV QRV TXDLV IRUDP FRQVWLWXtGRV
&RPLWrV5HJLRQDLVUHIHULGRVQD)LJXUDSDUDSRWHQFLDOL]DUHVVHWUDEDOKR
([LVWHDUHIOH[mRMXQWRDR01&5GHTXHRVHUYLoRSUHVWDGRSHORVFDWDGRUHVSURPRYH
UHVXOWDGRV TXH VHULDP SULPRUGLDOPHQWH GH UHVSRQVDELOLGDGH GR JRYHUQR IHGHUDO FRPR
SUHVHUYDURPHLRDPELHQWHHSURORQJDUDYLGD~WLOGRVDWHUURVVDQLWiULRV 'HVVHPRGRSDVVRX
D GHIHQGHU D H[LVWrQFLD GH XPD SROtWLFD GH FROHWD VHOHWLYD QDFLRQDO TXH SHUPLWLVVH D JHVWmR
LQWHJUDGDGRVUHVtGXRVVyOLGRV )(55(,5$
$FROHWDVHOHWLYD

>@ QmR p D VHSDUDomR GH PDWHULDLV HP VL PDV XPD HWDSD HQWUH HVWD
VHSDUDomR H R SURFHVVR GH UHFLFODJHP RX RXWUR GHVWLQR DOWHUQDWLYR DRV
DWHUURV H LQFLQHUDGRUHV (VWH WHUPR DSOLFDVH SRUWDQWR DR UHFROKLPHQWR
GLIHUHQFLDGR GHVWHV PDWHULDLV Mi VHSDUDGRV QDV IRQWHV JHUDGRUDV SRU
FDWDGRUHV VXFDWHLURV HQWLGDGHV SUHIHLWXUDV HWF QRUPDOPHQWH HP KRUiULRV
SUpGHWHUPLQDGRVDOWHUQDGRVFRPDFROHWDGROL[RSURSULDPHQWHGLWR'HYH
ILFDUFODURSRUWDQWRTXHQmRDGLDQWDVHSDUDUPDWHULDLVGROL[RVHQmRKRXYHU
XPVLVWHPDGHUHFROKLPHQWRHVSHFLDODFROHWDVHOHWLYDGHOL[RTXHSHUPLWD
TXH RV PDWHULDLV VHSDUDGRV VHMDP UHFXSHUDGRV SDUD UHFLFODJHP UHXVR RX
FRPSRVWDJHP 32/,6S

e LPSRUWDQWH H[SODQDU TXH PHVPR H[LVWLQGR D GHQRPLQDomR ³FDWDGRU GH PDWHULDLV

UHFLFOiYHLV´ FRQFHLWXDOPHQWH R FDWDGRU WUDEDOKD FRP UHVtGXRV UHFLFOiYHLV SRLV FRQIRUPH
/RJDUH]]L S RPDWHULDOp

)DVH VyOLGD TXH FRPS}H SDUWH GH XP REMHWR TXDOTXHU H TXH DSUHVHQWD
SURSULHGDGHV FDUDFWHUtVWLFDV FRQVLVWHQWHV FRP RV GHVHPSHQKRV HVWUXWXUDO
HVWpWLFRHIXQFLRQDOGDDSOLFDomRDTXHVHGHVWLQDDSDUWHGRREMHWRFRPSRVWD
SHOR PDWHULDO >@ (VVD IDVH PDWHULDO SRGH VHU KRPRJrQHD >@ RX
KHWHURJrQHD >@ PDV GLVWLQJXHVH GR UHVtGXR XPD YH] TXH XP UHVtGXR HP
JHUDOpFRPSRVWRSRUGLIHUHQWHVPDWHULDLV1HVVHVHQWLGRQmRVHID]FROHWDGH
PDWHULDLV UHFLFOiYHLV PDVFROHWDGHUHVtGXRV UHFLFOiYHLV

3DUD 6LQJHU VHQGR D FRRSHUDWLYD ³>@ XPD RSRUWXQLGDGH GH UHVJDWH GD GLJQLGDGH
KXPDQDGRFDWDGRUHGHVHQYROYLPHQWRGDDXWRDMXGDHDMXGDP~WXDTXHSHUPLWHFRQVWLWXLUD
FRPXQLGDGHGRVFDWDGRUHV´ ES HODSRVVLELOLWDLQ~PHUDVYDQWDJHQV DRVFDWDGRUHV
RUJDQL]DGRVFRPRYHQGDVDSUHoRVPDLRUHVHFRPSUDVDSUHoRVPHQRUHVRTXHRFRUUHSHOR
DXPHQWR GD TXDQWLGDGH GH PDWHULDLV D VHU FRPHUFLDOL]DGRV (OD FRQWULEXL WDPEpP SDUD
SRWHQFLDOL]DUDOXWDGRVFDWDGRUHVSRUVHXVGLUHLWRVMiTXHUHSUHVHQWDRVFDWDGRUHVGHIURQWHDR
SRGHUS~EOLFRSRUVHFRQVWLWXLUHPXPDHQWLGDGHSROtWLFDHHFRQ{PLFD
3DUD*ULPEHUJ H[LVWHPGLIHUHQoDVHQWUHRVFDWDGRUHVFRRSHUDWLYDGRVHRVQmR
FRRSHUDWLYDGRV 2V FDWDGRUHV TXH QmR HVWmR RUJDQL]DGRV SRVVXHP XPD PHOKRU UHPXQHUDomR
SRUFROHWDUHPVRPHQWHUHVtGXRVGHPDLRUYDORUHFRQ{PLFR(OHVWDPEpPDFDEDPUHFHEHQGR
VXDUHPXQHUDomRGLDULDPHQWHRXVHPDQDOPHQWHSRUYHQGHUHPRPDWHULDOFRPPDLVIUHTXrQFLD
SHORIDWRGHQmRSRVVXtUHPORFDODGHTXDGRSDUDHVWRFiOR3RUpPRDXWRUDSRQWDTXHFDSDFLWDU
RFDWDGRUSDUDTXHFRPSUHHQGDRWUDEDOKRFROHWLYRHDVXDRUJDQL]DomRSRVVLELOLWDUiHPXPD
SHUVSHFWLYD GH ORQJR SUD]R TXH KDMD PHOKRUHV UHVXOWDGRV HFRQ{PLFRV H VRFLDLV HP
FRPSDUDomRjVDWLYLGDGHVLQGLYLGXDLV
$V FRRSHUDWLYDV SRVVXHP XPD RUJDQL]DomR GR TXDO RV QRYRV PHPEURV DSUHVHQWDP
GLILFXOGDGH HP SDUWLFLSDU R TXH LQGLFD D QHFHVVLGDGH GH TXH RFRUUD XP SURFHVVR GH
DSUHQGL]DJHP IUHTXHQWH TXH SHUPLWLUi D H[LVWrQFLD GH UHVSHLWR H FRQILDQoD HQWUH RV
FRRSHUDGRV LQFOXLQGR RV TXH RFXSDP IXQo}HV DGPLQLVWUDWLYDV H ILVFDLV (VWD UHODomR RFRUUH
SHOD SRVVLELOLGDGH GH TXH RV QRYRV PHPEURV FRPSUHHQGDP R IXQFLRQDPHQWR GHVVH WLSR GH
HPSUHHQGLPHQWRTXHQmRSUHYrKLHUDUTXLDVGHSRGHU *5,0%(5*
&RQVLGHUDQGRGXDVVLWXDo}HVHQYROYHQGRRVFDWDGRUHVXPDHPTXHHOHWUDEDOKDµSRU
FRQWD¶ H RXWUD QD TXDO HOH HVWi LQVHULGR HP XPD FRRSHUDWLYD SRGHVH UHIOHWLU TXH HVWD

2SWRXVHSRUXWLOL]DUQHVVHWUDEDOKRDGHQRPLQDomRµ&DWDGRUGH0DWHULDLV5HFLFOiYHLVSRUVHFRQVLGHUDUTXHp
GHVVHPRGRTXHRVFDWDGRUHVVHUHFRQKHFHPLGHQWLGDGHTXHGHWHUPLQRXLQFOXVLYHDQRPHQFODWXUDMXQWRj&%2

LQVHUomRSDUDVHUHIHWLYDGHPDQGDFRQGLo}HVHSODQHMDPHQWRSDUDTXHRFDWDGRUFRPSUHHQGD
R TXH p XPD FRRSHUDWLYD H PDLV DLQGD R TXH p XP ((6 (VWD FRPSUHHQVmR SHUPLWH TXH R
FRRSHUDGR GHVSHUWH XP UHDO LQWHUHVVH VREUH DV DWLYLGDGHV GHVHQYROYLGDV H TXH R
HPSUHHQGLPHQWR VH IRUWDOHoD FRP LVVR VHQmR HVWD LQVHUomR VLJQLILFDUi DSHQDV PDLV XPD
SRVVLELOLGDGHGHJHUDUUHQGD
0HVPRRUJDQL]DGRHPFRRSHUDWLYDVRFDWDGRUDVVLPFRPRRPRYLPHQWRGHHFRQRPLD
VROLGiULD GHPDQGD D FULDomR GH SROtWLFDV S~EOLFDV SDUD TXH HVWH WUDEDOKDGRU VHMD LQFOXVR
OHJDOPHQWH QD FDGHLD GD UHFLFODJHP (VWDV SROtWLFDV WDPEpP GHYHP SURSLFLDU TXH XP PDLRU
Q~PHURGHPDWHULDLVVHMDGHVWLQDGRjVDVVRFLDo}HVHFRRSHUDWLYDVGHFDWDGRUHVSDUDTXHHODV
VH DSRGHUHP GH DOJR TXH Ki PXLWR WHPSR WHP VLGR VXD UHVSRQVDELOLGDGH PHVPR TXH
LQIRUPDOPHQWHDFDWDomRHFRPHUFLDOL]DomRGHPDWHULDLVUHFLFOiYHLV
6mR H[HPSORV GH SROtWLFDV S~EOLFDV SDUD FDWDGRUHV R 'HFUHWR GH GH VHWHPEUR GH
TXHFULDR&RPLWr,QWHUPLQLVWHULDOGD,QFOXVmR6RFLDOGH&DWDGRUHVGH/L[RHR'HFUHWR
Q GH GH RXWXEUR GH TXH ³LQVWLWXL D VHSDUDomR GRV UHVtGXRV UHFLFOiYHLV
GHVFDUWDGRV SHORV yUJmRV H HQWLGDGHV GD DGPLQLVWUDomR S~EOLFD IHGHUDO GLUHWD H LQGLUHWD QD
IRQWH JHUDGRUD H D VXD GHVWLQDomR jV DVVRFLDo}HV H FRRSHUDWLYDV GRV FDWDGRUHV GH PDWHULDLV
UHFLFOiYHLVHGiRXWUDVSURYLGrQFLDV´
2VFDWDGRUHVEXVFDPSHODVSDUFHULDVFRPR(VWDGR

>@ D H[FOXVLYLGDGH GD FROHWD GH PDWHULDLV UHFLFOiYHLV R SDJDPHQWR SHORV
VHUYLoRVSUHVWDGRVGHFROHWDFRQWUROHVREUHDFDGHLDSURGXWLYDGHPDWHULDLV
UHFLFOiYHLV D FRQTXLVWD GH PRUDGLD VD~GH HGXFDomR FUHFKHV SDUD RV
FDWDGRUHVHVXDVIDPtOLDVHTXHRFRUUDRILPGRVOL[}HVHVXDWUDQVIRUPDomR
HPDWHUURVVDQLWiULRVFRPRGHYLGRGHVORFDPHQWRGRVFDWDGRUHVSDUDJDOS}HV
TXHJDUDQWDPDVREUHYLYrQFLDGLJQDGHWRGRV )(55(,5$S

$3ROtWLFD1DFLRQDOGH5HVtGXRV6yOLGRV 3156 LQVWLWXtGDSHOD/HLGHGH
DJRVWR GH H UHJXODPHQWDGD SHOR 'HFUHWR Q HP DWR RFRUULGR QD (;32
&$7$'25(6pXPPDUFRLPSRUWDQWHSDUDDJHVWmRGRVUHVtGXRVVyOLGRVQR%UDVLOSRLVDWp
RVHXVXUJLPHQWRQmRH[LVWLDRXWURLQVWUXPHQWROHJDOFRPGLUHWUL]HVTXHRULHQWDVVHPDJHVWmR
GRV UHVtGXRV VyOLGRV $QWHULRUPHQWH KDYLDP DSHQDV QRUPDV HVWDEHOHFLGDV SHOR &RQVHOKR
1DFLRQDOGR0HLR$PELHQWH &21$0$ %5$6,/
'HQWUHRVGLYHUVRVSRQWRVDERUGDGRVQHVVDOHLHVWmRDQHFHVVLGDGHGHFROHWDVHOHWLYDH
R LQFHQWLYR DR IRUWDOHFLPHQWR GD DWXDomR GH DVVRFLDo}HV RX FRRSHUDWLYDV GH FDWDGRUHV GH
PDWHULDLV UHFLFOiYHLV SDUD D JHVWmR GRV UHVtGXRV VyOLGRV %5$6,/ (VWD OHL p XP
LPSRUWDQWH PDUFR QD OXWD SHOR UHFRQKHFLPHQWR GR WUDEDOKR GRV FDWDGRUHV GH PDWHULDLV
UHFLFOiYHLV

&UDYR H .UDHPHU LQGLFDP TXH QD GpFDGD GH RV FDWDGRUHV HUDP
UHVSRQViYHLV SRU GRV UHVtGXRV GLVSRQtYHLV SDUD DV LQG~VWULDV GH UHFLFODJHP QR %UDVLO
$WXDOPHQWH HVWD SRUFHQWDJHP FKHJD D %5$6,/ VG GHPRQVWUDQGR D LPSRUWkQFLD
GHVWHVWUDEDOKDGRUHVQDFDGHLDGHUHFLFODJHP$OpPGLVVRQRV~OWLPRVDQRVFRQVLGHUDQGRVH
R LQtFLR GR VpFXOR ;;, DXPHQWRX R Q~PHUR GH FDWDGRUHV RUJDQL]DGRV HP ((6 HQTXDQWR
DOWHUQDWLYDDRVWUDEDOKDGRUHVTXHSURFXUDPIRUPDVGHREWHUWUDEDOKRHUHQGD 01&5
3RUpPVHJXQGRR,QVWLWXWRGH3HVTXLVD(FRQ{PLFD$SOLFDGD ,3($

$ GLILFXOGDGH GH SUHFLVDU D TXDQWLGDGH GH FDWDGRUHV DWXDQWHV QR %UDVLO VH
HQFRQWUD QR SUHFRQFHLWR VRFLDO HP WRUQR GD SURILVVmR GLVVH ,JRU )HUUD] 2
,%*(DOHJDTXHH[LVWHPDWXDOPHQWHPLORVLQVWLWXWRV&iULWDVH3yOOLVGmR
FRQWDGHPLOSHVVRDV-iR3DQJHD8)%$HR0RYLPHQWR1DFLRQDOGRV
&DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV DILUPDP TXH Ki QR %UDVLO PLO
WUDEDOKDGRUHV GD FDWDomR GH UHFLFOiYHLV 2 LQWHUYDOR VXJHULGR QR
&RPXQLFDGROHYDQGRHPFRQVLGHUDomRWRGDVHVVDVIRQWHVILFDHPPLOH
PLOFDWDGRUHV

$WXDOPHQWH REVHUYDVH QDV FRRSHUDWLYDV GH FDWDGRUHV TXH HODV QmR VmR IRUPDGDV
VRPHQWHSRUDQWLJRVFDWDGRUHVLQIRUPDLVRXGHOL[}HVPDVWDPEpPSRURXWURVWUDEDOKDGRUHV
GHVHPSUHJDGRV TXH PXLWDV YH]HV HQ[HUJDP DV FRRSHUDWLYDV FRPR XPD SDVVDJHP HP VXDV
YLGDVHQTXDQWRQmRHQFRQWUDPXPDYDJDGHHPSUHJRFRPUHJLVWURHPFDUWHLUDGHWUDEDOKR
3DUWLQGR GHVWD UHDOLGDGH UHIOHWHVH TXH DOpP GH SUHRFXSDo}HV FRP D IRUPDomR GRV
FRRSHUDGRV HP UHODomR DRV SULQFtSLRV GD HFRQRPLD VROLGiULD H GR FRRSHUDWLYLVPR FRPR
IRUPDV GH JDUDQWLU D VXVWHQWDELOLGDGH GR HPSUHHQGLPHQWR H D HIHWLYLGDGH GH VXDV
FDUDFWHUtVWLFDV HFRQ{PLFRVROLGiULDV p QHFHVViULR UHIOHWLU VREUH D LGHQWLILFDomR GR LQGLYLGXR
FRPRWUDEDOKRUHDOL]DGR
2WUDEDOKDGRULQIRUPDOSDVVDSRUGLYHUVDVVLWXDo}HVGHVRIULPHQWRTXHYmRGHItVLFDV
SHODIDOWDGHFRQGLo}HVDGHTXDGDVGHWUDEDOKRSRUH[HPSORDSVtTXLFDVSHODLQVHJXUDQoD
HRXLQVWDELOLGDGHQDREWHQomRGHUHQGD2FDWDGRU³LQIRUPDO´DOpPGHVVHVVRIULPHQWRVDLQGD
FDUUHJDRXWURTXHVHUHIHUHDXPHVWLJPDVRFLDOTXHOKHpLPSRVWRHTXHDVVRFLDRWUDEDOKDGRU
DROL[R(VWDYLVmRH[FOXGHQWHHSUHFRQFHLWXRVDpGLDDGLDVXSHUDGDSULQFLSDOPHQWHHQWUHRV
FDWDGRUHVLQFOXtGRVHP((6RVTXDLVSDVVDPDSRVVXLUDFHVVRDGLYHUVRVUHFXUVRV3RUpPD
DGHVmR GH LQGLYtGXRV DRV HPSUHHQGLPHQWRV TXH DLQGD QmR SDVVDUDP SRU HVVH SURFHVVR GH
LGHQWLILFDomRVXSHUDomR FDUDFWHUtVWLFR GR WUDEDOKR GH FDWDGRU SRGH GHVHVWDELOL]DU XP
HPSUHHQGLPHQWRGHVWDQDWXUH]D
(VWD FRQVLGHUDomR VH UHVSDOGD HP FRQKHFLPHQWRV HPStULFRV H UHIOH[}HV GD WHRULD
DSUHVHQWDGD H OHYD j SRQGHUDomR GH TXH TXDQGR QmR Ki LGHQWLILFDomR GR LQGLYtGXR FRP R
HPSUHHQGLPHQWRDXPHQWDVHDURWDWLYLGDGHGHFRRSHUDGRVMXQWDPHQWHFRPDQHFHVVLGDGHGH

XPD FRQVFLHQWL]DomR PDLV FRQVWDQWH 4XHVWLRQDQGRVH FRPR SRGH RFRUUHU D OLYUH DGHVmR GH
LQGLYtGXRV D XPD LQVWLWXLomR TXH GHVFRQKHFHP FKHJDVH j FRQFOXVmR GH TXH D DTXLVLomR GH
FRQKHFLPHQWRVVREUH DQDWXUH]DGRHPSUHHQGLPHQWRGHYDRFRUUHUDQWHVGDDGHVmRGHQRYRV
VyFLRVDRV((6
2V FDWDGRUHV SDVVDUDP SRU XP ORQJR SURFHVVR GH FRQVFLHQWL]DomR SROtWLFD H VRFLDO
DQWHV GH VH RUJDQL]DUHP HP FRRSHUDWLYDV SDUD TXH SXGHVVHP EXVFDU FRQGLo}HV VXVWHQWiYHLV
SDUD R HPSUHHQGLPHQWR (OHV SRVVXHP QR 01&5 D UHSUHVHQWDomR GH VXD LGHQWLGDGH GH
FDWDGRU H VXJHUHVH TXH D SUHVHQoD GH QmRFDWDGRUHV HP VHX DPELHQWH GH WUDEDOKR GHYH
WDPEpPLQWHUIHULUGHDOJXPDIRUPDQHVVHDVSHFWR
0DLV XPD YH] VH REVHUYD TXH D HIHWLYDomR GH SROtWLFDV S~EOLFDV TXH DX[LOLHP QD
RUJDQL]DomRGRV((6IULVDQGRVHDTXLRVGHFDWDGRUHVHSRVVLELOLWHPVXDVXVWHQWDELOLGDGHp
GH DEVROXWD LPSRUWkQFLD SDUD TXH R HPSUHHQGLPHQWR WHQKD FRQGLo}HV GH HTXLOLEUDU H
FRPSUHHQGHUHVVDVLWXDomRGH³QHFHVVLGDGHGHWUDEDOKDGRUHVÝHUVXV³IDOWDGHWUDEDOKDGRUHV
FDWDGRUHV´GDPHOKRUIRUPD
3RU RXWUR ODGR D HFRQRPLD VROLGiULD VH FRQVWLWXL FRPR XPD RSomR DR VLVWHPD
FDSLWDOLVWDHSRVVXLDFDSDFLGDGHGHLQFOXVmRHFRQ{PLFRVRFLDOFRPRXPHL[RSHUWLQHQWHDRV
EHQHItFLRVTXHSURSLFLDDVHXVDWRUHV(QWmRDDSUR[LPDomRGHVWHVLQGLYtGXRVGHVHPSUHJDGRV
H GHYHUDV H[FOXtGRV GR VLVWHPD HFRQ{PLFR KHJHP{QLFR GH HPSUHHQGLPHQWRV GH QDWXUH]D H
IXQo}HVGLYHUVDVjVVXDVKDELOLGDGHVSRGHFRQVWLWXLUXPIDWRULPSRUWDQWHSDUDDGLVVHPLQDomR
GRVSULQFtSLRVHFRQ{PLFRVROLGiULRVDSRSXODo}HVTXHDLQGDRVGHVFRQKHFHP
,QGHSHQGHQWH GRV PRWLYRV TXH OHYDUDP R GHVHQYROYLPHQWR GH FRRSHUDWLYDV GH
FDWDGRUHV D HVWD VLWXDomR DWXDO D H[LVWrQFLD GH FRRSHUDGRV TXH QmR HUDP FDWDGRUHV
DQWHULRUPHQWH p XP IDWR H TXH PHUHFH DWHQomR EHP FRPR VHU PDLV EHP DQDOLVDGR $
HODERUDomRGH HVWXGRVH LQWHUYHQo}HV pLPSRUWDQWHSDUDRPRYLPHQWRGD HFRQRPLDVROLGiULD
SHODVTXHVW}HVDSUHVHQWDGDVTXHHQYROYHPSRUXPODGRDDOWDURWDWLYLGDGHDLQVWDELOLGDGHHD
IDOWD GH LGHQWLILFDomR GR WUDEDOKDGRU FRP RV ((6 H SRU RXWUR D SRVVLELOLGDGH GH LQFOXLU
LQGLYtGXRVHFRQ{PLFRVRFLDOPHQWHHGLVVHPLQDUSULQFtSLRVHFRQ{PLFRVVROLGiULRV

(&2120,$62/,'È5,$12081,&Ë3,2'(62&$5/2663

([LVWH QR PXQLFtSLR GH 6mR &DUORV63 FRPR XPD SROtWLFD GH GHVHQYROYLPHQWR
WUDQVYHUVDOR³3URJUDPDGH)RPHQWRj(FRQRPLD6ROLGiULD´GHVWDFDGRFRPRHVWUDWpJLFRQR
TXHGL]UHVSHLWRjJHUDomRGHWUDEDOKRHUHQGD(OHpGHVHQYROYLGRSHOD6HFUHWDULD0XQLFLSDO
GH7UDEDOKR(PSUHJRH5HQGDHPSDUFHULDFRPRXWUDV6HFUHWDULDVH)XQGDo}HV0XQLFLSDLV

$WUDYpVGHVVH3URJUDPDRV((6GH6mR&DUORVVmRDSRLDGRVHDVVHVVRUDGRVGHQWUHRVTXDLV
HQFRQWUDPVHFRRSHUDWLYDVDVVRFLDo}HVUHGHVHFDGHLDVSURGXWLYDV 62&$5/26VG
(PDWUDYpVGD/HLQR3URJUDPDGH)RPHQWRj(FRQRPLD6ROLGiULDIRL
LQVWLWXFLRQDOL]DGR FRP D SUHYLVmR GH FRQVROLGDomR GH HPSUHHQGLPHQWRV Mi H[LVWHQWHV H
IRPHQWRDQRYRV
'HQWUHDVDWLYLGDGHVIRPHQWDGDVSRGHPRVFLWDU

D &DGHLD3URGXWLYDGH5HVtGXRV
E &DGHLD3URGXWLYDGH$OLPHQWRVH*DVWURQRPLD
F )LQDQoDV6ROLGiULDV
G $UWHVDQDWR

1DV DWLYLGDGHV UHIHUHQWHV j &DGHLD GH 5HVtGXRV 6yOLGRV LQFOXLVH R ((6 SHVTXLVDGR
QHVVH WUDEDOKR D &RRSHUDWLYD GH &DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV GH 6mR &DUORV63
&223(59,'$ &RQVWDQRVLWHGD3UHIHLWXUDDVVHJXLQWHVLQIRUPDo}HVVREUHHVVDDWLYLGDGH
GHIRPHQWR

$FDGHLDGHUHVtGXRVVyOLGRVFRQVLVWHQDDUWLFXODomRHQWUHHPSUHHQGLPHQWRV
VROLGiULRV3RGHU3~EOLFRHHQWLGDGHVSULYDGDVTXHDWXDPQDFROHWDWULDJHPH
SURFHVVDPHQWRGRVUHVtGXRVVyOLGRVGRPXQLFtSLR
$ 316% 3ROtWLFD 1DFLRQDO GH 6DQHDPHQWR %iVLFR /HL )HGHUDO Q
DOWHURXD/HL)HGHUDOSHUPLWLQGRTXHRSRGHUS~EOLFR
FRQWUDWDVVH FRP GLVSHQVD GH OLFLWDomR FRRSHUDWLYDV GH FDWDGRUHV SDUD
RSHUDomRGHVLVWHPDVGHFROHWDVHOHWLYD
1HVWH FRQWH[WR GHVGH PDUoR GH D &RRSHUYLGD p FRQWUDWDGD SHOD
3UHIHLWXUD0XQLFLSDOSDUDSUHVWDomRGHVHUYLoRGHFROHWDVHOHWLYD3RUPHLR
GR FRQWUDWR UHFHEH UHSDVVHV GH UHFXUVRV ILQDQFHLURV FRP EDVH QR
DWHQGLPHQWR GH PHWDV GH FROHWD VHOHWLYD TXH LQFUHPHQWDP VXD UHFHLWD (P
D&RRSHUYLGDPDQWHYHRTXDGURGHFRRSHUDGRVHFROHWRXDPpGLD
GH WRQHODGDV GH PDWHULDLV UHFLFOiYHLV PHQVDOPHQWH 62 &$5/26
VGQS

$HFRQRPLDVROLGiULDQRPXQLFtSLRpFRPSRVWDSHORVVHJXLQWHVGLVSRVLWLYRVHUHFXUVRV
YLQFXODGRVDRJRYHUQRPXQLFLSDO 62&$5/26VG
D 'HSDUWDPHQWR GH $SRLR j (FRQRPLD 6ROLGiULD '$(6 LQLFLDOPHQWH IH] SDUWH GD
6HFUHWDULD 0XQLFLSDO GH 'HVHQYROYLPHQWR 6XVWHQWiYHO &LrQFLD H 7HFQRORJLD
60'6&7 WHQGR VLGR FULDGR SHOD /HL $WXDOPHQWH SHOD OHL
YLQFXODVH j 6HFUHWDULD 0XQLFLSDO GH 7UDEDOKR (PSUHJR H 5HQGD
607(5 7HP FRPR REMHWLYR GHVHQYROYHU R 3URJUDPDGH )RPHQWR j (FRQRPLD
6ROLGiULD H EXVFDU H GLVSRQLELOL]DU UHFXUVRV GHQWUH GLYHUVRV SRGHPRV FLWDU RV

UHFXUVRV KXPDQRV ItVLFRV LQVWLWXFLRQDLV H ILQDQFHLURV WDQWR S~EOLFRV TXDQWR

SULYDGRVHPDSRLRjRUJDQL]DomRGH((6$VDo}HVGR'$(6HQYROYHP

&ULDomR GH QRYRV (PSUHHQGLPHQWRV GH (FRQRPLD 6ROLGiULD ((6 H
FRQVROLGDomRGH((6MiH[LVWHQWHVSRWHQFLDOL]DQGRDVDUWLFXODo}HVHQWUHHOHV
FRPYLVWDVjVXSHUDomRGHVLWXDomRGHH[WUHPDSREUH]DSRUPHLRGDJHUDomR
GHWUDEDOKRHUHQGDDOpPGHFRQWULEXLUSDUDRIRUWDOHFLPHQWRGDRUJDQL]DomR
VRFLDOHSROtWLFDGDFRPXQLGDGHGRVWHUULWyULRVGD]RQDVXO $QWHQRU*DUFLD
3UHVLGHQWH&ROORU&LGDGH$UDF\,&LGDGH$UDF\,,-DUGLP*RQ]DJD H]RQD
QRUWH 'LVWULWRGH6DQWD(XGy[LD GRV((6HGRFRQWUROHVRFLDOGDSROtWLFD
S~EOLFDGHIRPHQWRD(FRQRPLD6ROLGiULDEXVFDQGRDLQFOXVmRHRDFHVVRj
FLGDGDQLD 6HUmR UHDOL]DGRV FXUVRV GH FDSDFLWDomR H IRUPDomR WpFQLFD QDV
iUHDV HVWpWLFD H EHOH]D DOLPHQWDomR FRVWXUD DOpP GH FRQVXOWRULDV
HVSHFtILFDV SDUD RV ((6 Mi H[LVWHQWHV QDV iUHDV SURGXomR DJUtFROD
FRQWDELOLGDGH DGPLQLVWUDomR ILQDQoDV VROLGiULDV FXOWXUD HQJHQKDULD GH
SURGXomR 62&$5/26VGQS

E &HQWUR S~EOLFR GH HFRQRPLD VROLGiULD ³+HUEHUW GH 6RX]D ± %HWLQKR´ FULDGR HP
p FRQVLGHUDGR WDQWR GLIXVRU TXDQWR DFROKHGRU DGPLQLVWUDWLYR GRV
HPSUHHQGLPHQWRVGHHFRQRPLDVROLGiULDGRPXQLFtSLR
F &HQWURGH'RFXPHQWDomRHP(FRQRPLD6ROLGiULD &('2& ORFDOL]DGRQR&HQWUR
3~EOLFR GH (FRQRPLD 6ROLGiULD SRVVXL GLYHUVDV SXEOLFDo}HV LQIRUPDo}HV H
GRFXPHQWDo}HV VREUH (FRQRPLD 6ROLGiULD RV TXDLV HVWmR GLVSRQtYHLV SDUD D
FRQVXOWDGHWRGDDSRSXODomR
G &RQVHOKR 0XQLFLSDO GH (FRQRPLD 6ROLGiULD H )XQGR 0XQLFLSDO GH )RPHQWR j
(FRQRPLD 6ROLGiULD IRL FULDGR SHOD /HL Q VHQGR YLQFXODGR j
6HFUHWDULD0XQLFLSDOGH7UDEDOKR(PSUHJRH5HQGDHFRQVWLWXLQGRVHHPXPyUJmR
FRQVXOWLYR H GHOLEHUDWLYR e FRPSRVWR SRU PHPEURV VHQGR GD VRFLHGDGH
FLYLOHGR3RGHU3~EOLFR
H &RRUGHQDGRULD GR 0HLR $PELHQWH GH 6mR &DUORV UHVSRQViYHO SRU ILVFDOL]DU R
HPSUHHQGLPHQWR &223(59,'$ GH DFRUGR FRP R FRQWUDWR IHLWR FRP D
3UHIHLWXUD 2XWUDV Do}HV GHVVD &RRUGHQDGRULD HP UHODomR j FRRSHUDWLYD VmR
GLYXOJDU RULHQWDU H LQIRUPDU D SRSXODomR VREUH DV LQIRUPDo}HV TXH FRQVWDP QR
FRQWUDWR

([LVWH DLQGD R )yUXP 0XQLFLSDO GH (FRQRPLD 6ROLGiULD TXH YLVD R GHVHQYROYLPHQWR
GRPRYLPHQWRGDHFRQRPLDVROLGiULDQRPXQLFtSLReXPDRUJDQL]DomRGHPRFUiWLFDFRPSRVWD
SHORV DWRUHV PXQLFLDSDLV GD (FRQRPLD 6ROLGiULD 'HQWUH VXDV SULQFLSDLV DWLYLGDGHV SRGHVH
FLWDU 62&$5/26VGQS

x 'LVFXVVmRWURFDGHLGHLDVHLQIRUPDo}HVVREUHRVHPSUHHQGLPHQWRV
HVREUH(FRQRPLD6ROLGiULD
x 2UJDQL]DomRGHHYHQWRVUHODFLRQDGRVj(FRQRPLD6ROLGiULD
x )RUPXODomRLPSOHPHQWDomR HPRQLWRUDPHQWRGHSURSRVWDVSDUDR
IRUWDOHFLPHQWRGDVLQLFLDWLYDVGH(FRQRPLD6ROLGiULD
x 5HSUHVHQWDomR GH 6mR &DUORV HP RXWURV HVSDoRV GH GLVFXVVmR GH
(FRQRPLD6ROLGiULD
x $SUR[LPDomRHLQWHJUDomRHQWUHRVHPSUHHQGLPHQWRV

(PUHODomRjFDWDomRGHPDWHULDLVUHFLFOiYHLVQRPXQLFtSLRGH6mR&DUORVGHDFRUGR
FRP&OLTXHWHWDO KDYLDPHPWRUQRGHFDWDGRUHVFDWDQGRQRDWHUURVDQLWiULRQRDQR
GH (VWH IRL XP DQR GH WHQWDWLYD GH RUJDQL]DomR GD FROHWD VHOHWLYD QR PXQLFtSLR EHP
FRPRGRVFDWDGRUHV(VVDVDo}HVHVWDYDPLQFOXVDVQR3URJUDPD³)XWXUR /LPSR´ 3URJUDPD
0XQLFLSDOGH5HGXomRH&RQWUROHGH5HVtGXRV TXHRFRUUHXDUWLFXODGRFRPR3URJUDPDGH
)RPHQWRHP(FRQRPLD6ROLGiULD 0$57,16625%,//(

$FRQVWUXomRGRSURMHWRSLORWRGHFROHWDVHOHWLYDQDiUHDXUEDQDRFRUUHXGH
IRUPD SDUWLFLSDWLYD (P WRGR R SURFHVVR D SUHIHLWXUD FRQWRX FRP D
FRODERUDomR GR )yUXP &RPXQLWiULR GR /L[R XP JUXSR GH HQWLGDGHV H
FLGDGmRVLQWHUHVVDGRVQDVROXomRGDVTXHVW}HVUHODWLYDVDROL[RXUEDQRDOpP
GD&RPLVVmR*HVWRUDHGR*UXSRGH(GXFDomR$PELHQWDODPERVIRUPDGRV
SRU XPD FRPELQDomR GH IXQFLRQiULRV GD SUHIHLWXUD H UHSUHVHQWDQWHV GD
VRFLHGDGH &/,48(7HWDOS

(PIRLILUPDGRFRQYrQLRHQWUHDSUHIHLWXUDHWUrVFRRSHUDWLYDVGHFDWDGRUHVTXH
KDYLDPVLGRRUJDQL]DGDVHHVWDYDPFDGDXPDDWHQGHQGRDGHWHUPLQDGDUHJLmRGH6mR&DUORV
&RROHWLYD&RRSHUYLGDH(FRDWLYD'LYHUVDVDo}HVIRUDPIHLWDVVHQGRSRVVtYHODWHQGHUQHVVH
PRPHQWRGDiUHDXUEDQDGDFLGDGH$VFRRSHUDWLYDV³ILFDYDPUHVSRQViYHLVSHODFROHWD
VHOHWLYD PDQXVHLR WULDJHP SUHQVDJHP UHFXSHUDomR H FRPHUFLDOL]DomR GRV UHVtGXRV
FROHWDGRV´ )5$&(6&+,1,S
(P DV FRRSHUDWLYDV IRUDP XQLILFDGDV HP XPD ~QLFD GHQRPLQDGD
&223(59,'$ H GH DFRUGR FRP 0DUWLQV H 6RUELOOH QR FRQYrQLR ILUPDGR FRP D
3UHIHLWXUDFRQVWDYDRUHSDVVHGHXPYDORUFDOFXODGRSHODGHOLPLWDomRGHXPDFROHWDPtQLPD
PHQVDO VHQGR TXH TXDQWR PDLV DOWD IRVVH HVVD TXDQWLGDGH PDLV DXPHQWDYD R UHSDVVH
(VWDYDP LQFOXtGRV QHVVH FRQYrQLR WDPEpP YDORUHV GH IpULDV ,166 ,QVWLWXWR 1DFLRQDO GH
6HJXULGDGH6RFLDO HXPYDORUGHUHWLUDGDPtQLPDSDUDFDGDFRRSHUDGR
$HFRQRPLDVROLGiULDQRPXQLFtSLRGH6mR&DUORVSRVVXLRXWURVDSRLDGRUHVDOpPGRV
yUJmRVPXQLFLSDLVGHQWUHRVTXDLVSRGHPRVFLWDU

D 2 1~FOHR 0XOWLGLVFLSOLQDU H ,QWHJUDGR GH (VWXGRV )RUPDomR H ,QWHUYHQomR HP

(FRQRPLD 6ROLGiULD 1X0,(FR6RO HVWH Q~FOHR GHVHQYROYH VXDV Do}HV HP
HFRQRPLD VROLGiULD GHVGH TXDQGR DLQGD HUD D ,QFXEDGRUD 5HJLRQDO GH
&RRSHUDWLYDV 3RSXODUHV GD 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV
,1&2238)6&DU 7UDEDOKD FRP SURMHWRV GH HQVLQR SHVTXLVD H H[WHQVmR H FRP
DWLYLGDGHV GH LQFXEDomR GH HPSUHHQGLPHQWRV HFRQ{PLFRVROLGiULRV (OH WDPEpP
GHVHQYROYH RXWUDV Do}HV GHQWUH DV TXDLV D IRUPDomR GH DOXQRV H D SURGXomR GH
FRQKHFLPHQWR 180,(&262/
E &HQWUDO GH &RRSHUDWLYDV H (PSUHHQGLPHQWRV 6ROLGiULRV 81,62/ p XPD
DVVRFLDomRFLYLOTXHEXVFDPHOKRUDUDVFRQGLo}HVGHYLGDHWUDEDOKRGHIHQGHQGRRV
LQWHUHVVHV GD FODVVH WUDEDOKDGRUD (OD REMHWLYD R GHVHQYROYLPHQWR GD HFRQRPLD
VROLGiULDRIRUWDOHFLPHQWRGRVSULQFtSLRVFRRSHUDWLYLVWDVHDSURPRomRGHGHEDWHV
VREUH RV WHPDV TXDQGR Ki QHFHVVLGDGH GH PRGLILFDo}HV DOpP GH SURYHU
UHSUHVHQWDomRSROtWLFDDRVHPSUHHQGLPHQWRV 81,62/VG

$PERVRVDSRLDGRUHVFLWDGRVDWXDPFRQMXQWDPHQWHj&223(59,'$(PUHODomRDR
PRYLPHQWR GD HFRQRPLD VROLGiULD QR PXQLFtSLR GH 6mR &DUORV p LPSRUWDQWH HVFODUHFHU TXH
H[LVWHPGLYHUVRVRXWURVDWRUHVHQYROYLGRV
'HQWUHDVSRVVLELOLGDGHVTXHRFRQWDWRHQWUHRVGLYHUVRVDWRUHVGDHFRQRPLDVROLGiULD
DSRLDGRUHVPHPEURVGHHPSUHHQGLPHQWRVHWF SURGX]FLWDVHDGHTXHRVHPSUHHQGLPHQWRV
VHHVWDELOL]HPSHODWURFDGHFRQKHFLPHQWRVTXHSHUPLWHDRVFRRSHUDGRVRGHVHQYROYLPHQWRGH
SRWHQFLDOLGDGHV QHFHVViULDV SDUD UHDOL]DU VXD IXQomR 2 GRPtQLR GR FRRSHUDGR VREUH D
QDWXUH]DGHVHX((6HVREUHRVSULQFtSLRVGDHFRQRPLDVROLGiULDIRUWDOHFHPDSRVVLELOLGDGHGH
LQVWDXUDUXPQtYHODGHTXDGRGHDXWRJHVWmRQRHPSUHHQGLPHQWR
8P HVSDoR LPSRUWDQWH D VHU FLWDGR SDUD TXH KDMDP GLVFXVV}HV H VHMDP HODERUDGDV
GLUHWUL]HV SDUD D FULDomR GH SROtWLFDV S~EOLFDV PXQLFLSDLV p R GD &RQIHUrQFLD 0XQLFLSDO GH
(FRQRPLD6ROLGiULDDTXDORFRUUHXHPVXDSULPHLUDYH]QRGLD$VFRQIHUrQFLDV
IRUDP KLVWRULFDPHQWH FRQVWUXtGDV FRPR HVSDoRV LPSRUWDQWHV GH SDUWLFLSDomR VRFLDO
SRVVLELOLWDQGRTXHGLYHUVRVVHJPHQWRVGDVRFLHGDGHGHEDWDPDVVXQWRVSHUWLQHQWHVHLQGLTXHP
VXDVRSLQL}HVVXJHVW}HVHQHFHVVLGDGHV
'HVVH PRGR D HFRQRPLD VROLGiULD QR PXQLFtSLR VH PRVWUD DPSDUDGD HP GLYHUVRV
UHFXUVRV TXH SRVVLELOLWDP R VHX GHVHQYROYLPHQWR DLQGD TXH H[LVWD D IUDJLOLGDGH GD VXD QmR
UHJXODPHQWDomRHQTXDQWRSROtWLFD

2FDPSRGHSHVTXLVDD&223(59,'$

3DUD FDUDFWHUL]DU R FDPSR GH SHVTXLVD RX VHMD D &223(59,'$ IRUDP XWLOL]DGRV
DUWLJRVUHODWyULRVWH[WRVDFDGrPLFRVHRXWURVGRFXPHQWRVTXHWUDWDVVHPVREUHDFRRSHUDWLYD
&RPSOHPHQWDUPHQWHIRUDPXWLOL]DGDVWDPEpPQRWtFLDVGHMRUQDLVQDVTXDLVFRQVWDYDPUHODWRV
GRVFRRSHUDGRVVREUHDVVLWXDo}HVYLYHQFLDGDVSHORHPSUHHQGLPHQWR$XWLOL]DomRGHIRQWHV
PLGLiWLFDVpLQWHUHVVDQWHSHODSRVVLELOLGDGHGHVHUHPFRQIURQWDGDVFRPGDGRVHPStULFRV3DUD
HVWH WUDEDOKR IRUDP XWLOL]DGDV VRPHQWH DV QRWtFLDV TXH SRVVXHP HVVH SUpYLR FRQIURQWR
UHVXOWDQGRQDFRQILUPDomRGRVGDGRV
$ LPSRUWkQFLD GH FDUDFWHUL]DU HVVH HVSDoR RFRUUH SHOD QHFHVVLGDGH GH HODERUDU
SDUkPHWURV SDUD DQiOLVH GD WHRULD H GRV GDGRV FROHWDGRV SRLV SHOD FRQWH[WXDOL]DomR GDV
YLYrQFLDV GR HPSUHHQGLPHQWR DJUHJDVH FRQKHFLPHQWR SDUD TXH HVVDV DQiOLVHV RFRUUDP D
SDUWLUGRFRQWH[WRHPTXHRHPSUHHQGLPHQWRHVWiLQVHULGR
2V GDGRV DSUHVHQWDGRV VREUH R HPSUHHQGLPHQWR H VXD VLWXDomR QR PRPHQWR HP TXH
IRLUHDOL]DGRRWUDEDOKRGHFDPSRIRUDPREWLGRVDSDUWLUGRVGDGRVDQRWDGRVHPXPGLiULRGH
FDPSR (OHV IRUDP LPSRUWDQWHV SRU SRVVLELOLWDU FRPSUHHQGHU VH R FRQWH[WR DWXDO SRVVXL
GLIHUHQoD HP UHODomR DRV HVWXGRV DQWHULRUHV VREUH R HPSUHHQGLPHQWR EHP FRPR R TXH
LQIOXHQFLRX SRVVtYHLV PXGDQoDV RX D PDQXWHQomR GH FDUDFWHUtVWLFDV 3DUD HVVD FRPSDUDomR
IRUDPXWLOL]DGRVGDGRVGHRXWUDVSHVTXLVDVGHVHQYROYLGDVVREUHD&223(59,'$
2 HPSUHHQGLPHQWR HUD FRQVWLWXtGR QR PRPHQWR GR WUDEDOKR GH FDPSR SRU
FRRSHUDGRV$&223(59,'$pRUHVXOWDGRGDXQLILFDomRHPGHWUrVFRRSHUDWLYDVGH
FDWDGRUHVH[LVWHQWHVDQWHULRUPHQWH(VWHUHVXOWDGRIRLDOFDQoDGRFRPDSDUFHULDHQWUHR'$(6
HD,1&2238)6&DU =$1,1HWDO
$ ,1&2238)6&DU IRL VXFHGLGD SHOR 1X0,(FR6RO TXH SRGH VHU GHVFULWR FRPR
XPDXQLGDGHGHHQVLQRSHVTXLVDHH[WHQVmRFULDGRSRUPHLRGD5HVROXomR&RQV8QLGH
GH DJRVWR GH H TXH p OLJDGD GLUHWDPHQWH j 5HLWRULD GD 8)6&DU R TXH OHYD D
FRQWHPSODURSUHYLVWRQR3ODQRGHGHVHQYROYLPHQWR,QVWLWXFLRQDOGHGD8)6&DU
$LQFXEDGRUDUHDOL]RXLQWHUYHQo}HVDSDUWLUGHXPDPHWDUHIHUHQWHDRDYDQoRQDFDGHLD
SURGXWLYD GD UHFLFODJHP GR 3URMHWR GH 3HVTXLVD HP3ROtWLFDV 3~EOLFDV )$6( ,, 3URFHVVR
)$3(63 QR LQWLWXODGR ³3URSRVLomR GH GLUHWUL]HV SDUD SROtWLFDV S~EOLFDV HP

2 WUDEDOKR GH FDPSR GHVHQYROYLGR SHOD WpFQLFD GD REVHUYDomR SDUWLFLSDQWH VHUi GHVFULWR EHP FRPR VHXV
GDGRVDSUHVHQWDGRVFRQVLGHUDQGRRVSULQFtSLRVGDHFRQRPLDVROLGiULDQRFDStWXOR ³3HUFXUVRV0HWRGROyJLFRV´
3RUpP FRQVLGHURXVH TXH SDUWH GH VHX FRQWH~GR FRQVWLWXtD LPSRUWDQWH PDWHULDO HVFULWR SDUD FDUDFWHUL]DU R
HPSUHHQGLPHQWRHIRLXWLOL]DGRQHVWHFDStWXOR

(FRQRPLD 6ROLGiULD FRPR FRQGLomR SDUD GHVHQYROYLPHQWR GH WHUULWyULR XUEDQR FDVR -DUGLQV
*RQ]DJDH0RQWH&DUOR±6mR&DUORV±63´
$ DSUR[LPDomR GR SHVTXLVDGRU FRP D &223(59,'$ RFRUUHX DWUDYpV GH DWXDomR
FRQMXQWD DR 1X0,(FR6RO H WRGD D UHODomR FRQVWUXtGD FRP R HPSUHHQGLPHQWR H FRP RV
FRRSHUDGRVIRLIDFLOLWDGDSRUHVWHYtQFXOR
2 1X0,(FR6RO SRVVXL XP PpWRGR GH LQFXEDomR SDUWLFXODU TXH FRPSDUDGR DRV
PpWRGRVGHRXWUDVLQFXEDGRUDVSRVVXLDVVHJXLQWHVGLIHUHQoDV 180,(&262/VG

D QmRFRORFDDGHVLQFXEDomRFRPRXPPRPHQWRREULJDWyULRFRQVLGHUDQGRVHTXHDV
Do}HVGHYDPRFRUUHUGHIRUPDTXHVHSRVVLELOLWHDDXWRQRPLDGRHPSUHHQGLPHQWRH
TXH HVWH VH WRUQH XP SDUFHLUR GR 1X0,(FR6RO VHP D QHFHVVLGDGH GH SUHYHU
TXDQGRVHUiHVVHPRPHQWR
E SHUPLWHVH FULDU SURFHVVRV GH LQFXEDomR SRU LQLFLDWLYD SUySULD VH IRU REVHUYDGD
YLDELOLGDGHSDUDLVVR
F SRVVXLXPFRQMXQWRGHFRPSRUWDPHQWRVTXHGHYHPVHUSURPRYLGRVSHORVPHPEURV
GR1X0,DRVWUDEDOKDGRUHVGRV((6

2PpWRGRGHLQFXEDomRSDVVRXSRUWUrVYHUV}HVSULQFLSDLVHPVLVWHPDWL]DGDH
DSUHVHQWDGD QR 6HPLQiULR ,QWHUQR GD ,1&2238)6&DU HP TXDQGR R PpWRGR IRL
DYDOLDGRHDSULPRUDGRGXUDQWHR6HPLQiULR,QWHUQRHHPDSyVUHYLV}HVUHDOL]DGDV
$WXDOPHQWH R PpWRGR GR 1X0,(FR6RO SRVVXL FRPSRUWDPHQWRV D VHUHP
SURPRYLGRVHVmRGLYLGLGRVHPSDUWHV TXDQGRRFRPSRUWDPHQWRRFRUUHRXGHYHRFRUUHU
RTXHpRXGHYHVHUFRQVLGHUDGRSHORVPHPEURVGR1X0, TXHUHVXOWDGRVHHVSHUDFRP
DV Do}HV R PHPEUR GR 1X0, GHYH DWXDU GH TXDO IRUPD SDUD YHULILFDU GHPDQGDV TXH
QHFHVVLWHP GH GHWHUPLQDGR FRPSRUWDPHQWR SRVVLELOLGDGH GH YDULDomR QR PRGR GH
LQWHUYHQomRGHDFRUGRFRPRFRQWH[WR 2VLQVWUXPHQWRVXWLOL]DGRVQmRVmRSUpGHILQLGRVSRLV
HQWHQGHVH TXH FDGD PHPEUR GHYD HQFRQWUDU D IRUPD DGHTXDGD SDUD GHWHUPLQDGR
HPSUHHQGLPHQWRRXPRPHQWR 180,(&262/VG
2VFRPSRUWDPHQWRVHPTXHVWmRVmRRVVHJXLQWHV 180,(&262/VGVS

3URFHVVDU GHPDQGDV SDUD LQFXEDomR GH HPSUHHQGLPHQWRV VROLGiULRV
,GHQWLILFDU SRSXODomR HP SRWHQFLDO SDUD IRUPDomR GH HPSUHHQGLPHQWR
VROLGiULR &DUDFWHUL]DUGLIHUHQWHVHQYROYLGRVQRSURFHVVRGHLQFXEDomR
$SUHVHQWDU D (FRQRPLD 6ROLGiULD FRPR SRVVLELOLGDGH GH RUJDQL]DomR SDUD
JHUDomRGHWUDEDOKRHUHQGDR1X0,HVXDSURSRVWDGHWUDEDOKR $SRLDUD
RUJDQL]DomRLQLFLDOGRJUXSRSDUDWRPDGDGHGHFLV}HVDUHVSHLWRGHIRUPDomR

GH HPSUHHQGLPHQWR VROLGiULR H VXDV FDUDFWHUtVWLFDV JHUDLV (ODERUDU

SURSRVWD GH WUDEDOKR HP FRQMXQWR FRP SDUWLFLSDQWHV GR JUXSR D VHU
LQFXEDGR $VVHVVRUDU R JUXSR SDUD HVFROKD GH DWLYLGDGH HFRQ{PLFD
3URPRYHU IRUPDomR FRQWtQXD H SHUPDQHQWH GH WRGRVRV PHPEURV GR JUXSR
HP (FRQRPLD 6ROLGiULD GH WRGDV DV PDQHLUDV SRVVtYHLV 3URPRYHU
IRUPDomR FRQWtQXD H SHUPDQHQWH GH WRGRV RV PHPEURV GR JUXSR SDUD
DXWRJHVWmR 3URPRYHU FRQGLo}HV SDUD FDSDFLWDomR WpFQLFD FRQWtQXD H
SHUPDQHQWH GH WRGRV RV PHPEURV GR HPSUHHQGLPHQWR SDUD R
VHUYLoRSURGXomR RIHUWDGR SHOR HPSUHHQGLPHQWR 3URPRYHU HODERUDomR
SDUWLFLSDWLYD GH QRUPDV GH IXQFLRQDPHQWR GR HPSUHHQGLPHQWR
$VVHVVRUDU R JUXSR SDUD D OHJDOL]DomR GR HPSUHHQGLPHQWR $VVHVVRUDU
JUXSR SDUD LPSODQWDomR GR HPSUHHQGLPHQWR $VVHVVRUDU JUXSR SDUD
LPSODQWDomR GH VLVWHPD GH PRQLWRUDPHQWR SRU PHLR GH LQGLFDGRUHV
$VVHVVRUDUJUXSRHVSRUDGLFDPHQWHSDUDLPSOHPHQWDomRGRHPSUHHQGLPHQWR
$VVHVVRUDU JUXSR SDUD SDUWLFLSDomR HP UHGHV GH FRRSHUDomR H HP
LQLFLDWLYDV GR PRYLPHQWR GH (FRQRPLD 6ROLGiULD $VVHVVRUDU R JUXSR
LQFXEDGR SDUD OLGDU FRP SURFHVVRV GH SURGXomR H XVR GH FRQKHFLPHQWR H
WHFQRORJLD $VVHVVRUDU R JUXSR SDUD FRQVWUXLU H PDQWHU SDUFHULDV
3URPRYHU FRQGLo}HV IDYRUHFHGRUDV SDUD TXH DJHQWHV H DJrQFLDV VRFLDLV
HVWDEHOHoDP SDUFHULDV FRP HVWHV HPSUHHQGLPHQWRV H LQLFLDWLYDV
$VVHVVRUDU HPSUHHQGLPHQWRV SDUD D DGRomR GH SUiWLFDV GH FRQVXPR pWLFR
VROLGiULRHUHVSRQViYHO $VVHVVRUDUHPSUHHQGLPHQWRVSDUDFRPHUFLDOL]DU
VHXVSURGXWRVHVHUYLoRVH DVVHVVRUDUHPSUHHQGLPHQWRVSDUDSODQHMDUH
DSOLFDUHVWUDWpJLDVGHGLYXOJDomR

2PpWRGRGHLQFXEDomRGHVGHVXDDYDOLDomRDWpDDWXDOLGDGHSHUtRGRQRTXDOFRQVWDP
DOJXPDV DYDOLDo}HV H DWXDOL]Do}HV GR PHVPR p IUXWR GH GLVFXVV}HV FROHWLYDV FRP
FRQWULEXLo}HV GH GLYHUVDV iUHDV GH FRQKHFLPHQWR SURGX]LGDV SHORV PHPEURV GR 1X0,
(FR6RO ,VWR DWULEXL DR PpWRGR XP FDUiWHU IOH[tYHO H DGDSWiYHO DV QHFHVVLGDGHV GHWHFWDGDV
YLVDQGRDSULPRUDPHQWRVDSDUWLUGRVFRQKHFLPHQWRVDFXPXODGRVSHUPLWLQGRXPSURFHVVRGH
PHOKRULDSHUPDQHQWH 180,(&2662/VG
(VVHV FRPSRUWDPHQWRV SRVVLELOLWDP SODQHMDU DV FDSDFLWDo}HV TXH GHYDP RFRUUHU QR
HPSUHHQGLPHQWR D SDUWLU GD FRPSUHHQVmR GH VXD UHDOLGDGH 1R FDVR GD &223(59,'$ R
DSULPRUDPHQWR GHVVH FRPSRUWDPHQWR VHULD SRWHQFLDO D DX[LOLDU R HPSUHHQGLPHQWR QR
SUREOHPDGHHVWDELOLGDGHGHYLQGRGDDOWDURWDWLYLGDGHGHFRRSHUDGRV
$&223(59,'$SDVVRXSRUDOJXPDVGLILFXOGDGHVQRILQDOGHHLQtFLRGH
SRLVKRXYHUDPSUREOHPDVQRUHSDVVHILQDQFHLURGD3UHIHLWXUDSDUDRHPSUHHQGLPHQWRRTXH
DFDUUHWRX QR DWUDVR GD UHWLUDGD GRV FRRSHUDGRV SURYRFDQGR D VDtGD GH YiULRV PHPEURV GR
HPSUHHQGLPHQWR TXH QmR FRPSUHHQGHUDP QHP DFHLWDUDP D VLWXDomR &25'(,52
2FRUUHUDPSUREOHPDVWDPEpPFRPRVFRQWUDWRVGRVFDPLQK}HVGHVWLQDGRVjFROHWD GRVWUrV
H[LVWHQWHV VRPHQWH XPHVWDYD HP FRQGLomR GH XVR RX SRVVXtD PRWRULVWDGHVWLQDGR SDUD VXD
FRQGXomR

,VVRFRLQFLGLXFRPDPXGDQoDGHJRYHUQRVHPpSRFDGHHOHLomRPXQLFLSDO1RLQtFLR
GRDQRRQRYRJRYHUQRPXQLFLSDOLQIRUPRXTXHVHULDDEHUWDXPDOLFLWDomRSDUDRVHUYLoRGH
FROHWD &$6752 2 FRQWUDWR FRP D &223(59,'$ WHUPLQDULD QR PrV GH PDLR GH
HVRPHQWHSUy[LPRDHVWHWpUPLQRHOHIRLSURUURJDGRSRUPDLVWUrVPHVHVPHVPRWHQGR
VLGRFRPELQDGRTXHRSUD]RVHULDGHXPDQR 0$548(6
(PUHXQLmRDEHUWDFRPVyFLRVGD&223(59,'$RFRUULGDQR6(6& 6HUYLoR6RFLDO
GR&RPpUFLR GH6mR&DUORVQRGLDREVHUYRXVH QRGHVHQYROYLPHQWRGRWUDEDOKR
GH FDPSR TXH D UHODomR HQWUH R HPSUHHQGLPHQWR H R JRYHUQR PXQLFLSDO DLQGD HVWDYD HP
FRQVWUXomR ,VWR IRL REVHUYDGR QDV GLVFXVV}HV UHDOL]DGDV TXH HQYROYHUDP SHVVRDV GD
SUHIHLWXUD GD XQLYHUVLGDGH GD VRFLHGDGH FLYLO GH RXWUDV LQVWLWXLo}HV DSRLDGRUDV GD
&223(59,'$HRXGRPRYLPHQWRGHHFRQRPLDVROLGiULDQRPXQLFtSLRDOpPGRVSUySULRV
PHPEURV GD &223(59,'$ 1HVWH LQtFLR GH DQR D FRRSHUDWLYD WHYH SUREOHPDV QRYDPHQWH
FRPDGLVSRQLELOL]DomRGHFDPLQK}HVHFRQVHTXHQWHPHQWHFRPDFROHWDVHOHWLYD
2FRQWUDWRIRLUHQRYDGRDWpHDWXDOPHQWHDFRRSHUDWLYDHRJRYHUQRPXQLFLSDO
YHP GLDORJDQGR HP GLYHUVDV UHXQL}HV SDUD DFHUWDU DV GLVFUHSkQFLDV H RUJDQL]DU REMHWLYRV H
PHWDVFRQMXQWDV2FRQWUDWRFRPYHQFLPHQWRHPIHYHUHLURIRLSURUURJDGRSRUPDLVGLDV
DWpTXHVHMDPFRQFLOLDGRVRVLQWHUHVVHVGRHPSUHHQGLPHQWRHGRJRYHUQR2EVHUYDVHTXHD
UHODomRFRRSHUDWLYDJRYHUQRDLQGDHVWiHPFRQVWUXomR

$DXWRQRPLDQD&223(59,'$

)UDQoD GHVHQYROYHX XPD SHVTXLVD VREUH R JUDX GH DXWRQRPLD GH GXDV
FRRSHUDWLYDV GH FDWDGRUHV VHQGR XPD GHODV D &223(59,'$ $VVLP DOJXQV GH VHXV
UHVXOWDGRV VHUmR DSUHVHQWDGRV DEDL[R SDUD DX[LOLDU QD FDUDFWHUL]DomR GD FRRSHUDWLYD H
SRVWHULRUPHQWHQDVDQiOLVHVGRWUDEDOKRGHFDPSRUHDOL]DGR
2 DXWRU GHOLPLWRX HP VHX WUDEDOKR WUrV WLSRV GH DXWRQRPLD D DXWRQRPLD VRFLDO D
DXWRQRPLDSROtWLFDHDDXWRQRPLDHFRQ{PLFD
3DUD D DXWRQRPLD VRFLDO R DXWRU GHILQLX TXDWUR FDWHJRULDV GH DQiOLVH GRV GDGRV
,QVWkQFLDVGHGHFLV}HV *UDXGHGHPRFUDWL]DomRGDVUHODo}HV 2UJDQL]DomRGRWUDEDOKR
6ROLGDULHGDGH
1DFDWHJRULD³LQVWkQFLDGHGHFLV}HV´FRQVWDWRXVHDH[LVWrQFLDGDLQWHQomRHPWRPDU
GHFLV}HV D SDUWLU GH XP FRQVHQVR GHILQLGR HP DVVHPEOHLDV SRUpP SHOR IDWR GH TXH SRXFRV

FDWDGRUHV VH PDQLIHVWDYDP QHVVHV PRPHQWRV D GLUHWRULD ORJR FRQGX]LD SDUD D YRWDomR GR
DVVXQWR
&RPUHODomRjVHJXQGDFDWHJRULDSHUFHEHXVHDH[LVWrQFLDGHXPDSDUWLFLSDomRSDUFLDO
GRVFRRSHUDGRVQRVSURFHVVRVGHFLVyULRVGDiUHDDGPLQLVWUDWLYDVHQGRTXHGHFLV}HVXUJHQWHV
HUDP HQFDPLQKDGDV VRPHQWH SHOD GLUHWRULD 3RUpP IRL UHODWDGR TXH QRV SURFHVVRV VREUH DV
DWLYLGDGHV WRGR R FROHWLYR HUD FRQVXOWDGR $LQGD VREUH HVWD FDWHJRULD QD FRRSHUDWLYD DV
LQIRUPDo}HVHUDPSDVVDGDVQDVUHXQL}HVHPDVVHPEOHLDVHHYHQWXDOPHQWHSRUHVFULWR
$³RUJDQL]DomRGRWUDEDOKR´GHDFRUGRFRPRVFRRSHUDGRVHUDUHDOL]DGRGHPDQHLUD
FROHWLYD SRUpP FRQVWDQGR DOJXQV PRPHQWRV HP TXH KDYLD LQGLYLGXDOL]DomR 2V FDWDGRUHV
DLQGDFRQVLGHUDYDPTXHDIRUPDGHWUDEDOKRHUDHVFROKLGDSRUWRGRRJUXSRHQmRVRPHQWH
LQGLFDGDSRUXPDSHVVRD
1D ~OWLPD FDWHJRULD ³VROLGDULHGDGH´ FRQVWDWRVH TXH D PDLRULD GRV FRRSHUDGRV D
FRQVLGHUDYDPFRPRRFRUUHQGRSDUFLDOPHQWH
(PUHODomRjDXWRQRPLDSROtWLFDRDXWRUFRQVLGHURXDVVHJXLQWHVFDWHJRULDVGHDQiOLVH
DomRS~EOLFDQRWHUULWyULR JHVWmRGRHPSUHHQGLPHQWRH SDUWLFLSDomRDUWLFXODomR
(OH REVHUYRX VREUH D SULPHLUD FDWHJRULD TXH KDYLD SDUWLFLSDomR SRU SDUWH GD
FRRSHUDWLYDDSHQDVHPSDOHVWUDVSURPRYLGDVSRUDSRLDGRUHVHPUHODomRDRVUHVtGXRVVyOLGRVH
jFROHWDVHOHWLYD
6REUH D FDWHJRULD ³JHVWmR GR HPSUHHQGLPHQWR´ R DXWRU FRQVWDWRX TXH R GLiORJR H R
UHVSHLWRjVGLIHUHQoDVQmRHUDPWRWDOPHQWHLQFOXtGRVQDVUHODo}HVFRWLGLDQDV
-i D ~OWLPD FDWHJRULD ³SDUWLFLSDomRDUWLFXODomR´ VHJXQGR R DXWRU HOD HUD LQH[LVWHQWH
QRHPSUHHQGLPHQWR1DVSDODYUDVGH)UDQoD S

1mRIRLGHFODUDGRSRUQHQKXPDGDVFRRSHUDWLYDVDSDUWLFLSDomRHPTXDOTXHU
IyUXP GH DUWLFXODomR UHGHV GH UHSUHVHQWDomR PRYLPHQWRV VRFLDLV RX
VLQGLFDLV RX VHMD QHQKXP WLSR GH DUWLFXODomR SROtWLFD $SHQDV XP GRV
PHPEURV GD FRRSHUDWLYD GH 6mR &DUORV DILUPRX TXH XP GH VHXV
UHSUHVHQWDQWHV SDUWLFLSDYD GH DOJXQV HQFRQWURV H GLVFXVV}HV UHIHUHQWHV j
FROHWDVHOHWLYDHHQFRQWURVSURPRYLGRVSRUXQLYHUVLGDGHV LQFXEDGRUDV PDV
PHVPRDVVLPQmRID]LDSDUWHRILFLDOPHQWHGHQHQKXPGHVWHVFRPRPHPEUR
ILOLDGR

&RQVLGHUDQGR D DXWRQRPLD HFRQ{PLFD R DXWRU GHOLPLWRX FDWHJRULDV GH DQiOLVH
IRUPDomRGHUHGHV SRVVHGRVPHLRVGHSURGXomR JDUDQWLDVWUDEDOKLVWDV LQYHVWLPHQWRV
HPLQIUDHVWUXWXUDH IRQWHVGHDUUHFDGDomRGRHPSUHHQGLPHQWR
&RPRFDUDFWHUtVWLFDVHPUHODomRjDXWRQRPLDHFRQ{PLFD)UDQoD FRQVWDWRXQD
FDWHJRULDGHDQiOLVH³IRUPDomRGHUHGHV´TXHD&223(59,'$QmRSDUWLFLSDYDGHUHGHV QDV
TXDLV HOH LQFOXLX DV GH SURGXomR FRPHUFLDOL]DomR FRQVXPR H FUpGLWR 3RUpP DOJXQV

FRRSHUDGRV FLWDUDP TXH HOD UHDOL]DYD WURFDV FRP XPD FRRSHUDWLYD QR UDPR GH SURGXWRV GH
OLPSH]D WURFDQGRHPEDODJHQVYD]LDVGHDPDFLDQWHVHUHVWRVGHyOHRGHFR]LQKDSRUSURGXWRV
GHOLPSH]D LQIRUPDomRTXHQmRpGHFRQKHFLPHQWRGHWRGRVRVFRRSHUDGRV
(P UHODomR j FDWHJRULD ³SRVVH GRV PHLRV GH SURGXomR´ R FHQiULR HUD GHVIDYRUiYHO
VHQGRTXHHOHVQmRSRVVXtDPQHQKXPPHLRGHSURGXomRDQmRVHURVFRPSXWDGRUHV

7RGR R PDTXLQiULR GLVSRVWR GHQWUR GR EDUUDFmR FRPR SUHQVDV PHVDV
SLFDGRU GH SDSHO XQLGDGH GH EHQHILFLDPHQWR GH SOiVWLFR FDPLQK}HV HQWUH
RXWURV VmR FHGLGRV SUHIHLWXUD ORFDO SDUD XVR GD FRRSHUDWLYD VHJXQGR VHXV
UHSUHVHQWDQWHV $ SUHIHLWXUD ORFDO DLQGD p UHVSRQViYHO SHOR SDJDPHQWR GR
DOXJXHOGRWHUUHQR JDOSmR FRQWDVGHiJXDHOX] )5$1d$S

1D FDWHJRULD GH DQiOLVH ³JDUDQWLDV WUDEDOKLVWDV´ RV FDWDGRUHV GD &223(59,'$
LQIRUPDUDPTXHSRVVXHPFRPREHQHItFLRV³>@UHFROKLPHQWRGR,166SURYLPHQWRGHIpULDV
JUDWLILFDomR XPD ERQLILFDomR PHQVDO D SDUWH GD UHWLUDGD GH FDGD FRRSHUDGR FRWD SDUWH H
IXQGRGHUHVHUYD´ )5$1d$S
6REUHDFDWHJRULD³LQYHVWLPHQWRVHPLQIUDHVWUXWXUDÍRLFRQVWDWDGRTXHDFRRSHUDWLYD
QmR UHDOL]RX HVVH WLSR GH LQYHVWLPHQWR VHQGR TXH VHJXQGR )UDQoD S ³>@ D
FRRSHUDWLYD DSHQDV UHDOL]D PDQXWHQo}HV FRQVWDQWHV QDV SUHQVDV FDOKDV H SRUWDV GR EDUUDFmR
FRPUHFXUVRVSUySULRV´
$~OWLPDFDWHJRULDGHDQiOLVH³IRQWHVGHDUUHFDGDomRGRHPSUHHQGLPHQWR´DSUHVHQWD
DLQIRUPDomRGHTXHD&23(59,'$SRVVXtDPDLVGHXPDIRQWHGHUHFXUVRVVHQGRFRQWUDWR
HVWDEHOHFLGRFRP D3UHIHLWXUD0XQLFLSDOGR0XQLFtSLRGH6mR&DUORV DUHWLUDGDSHODYHQGD
GRVPDWHULDLVHYHUEDVSURYHQLHQWHVGHHGLWDLV

$YLVmRGRVFRRSHUDGRVVREUHRWUDEDOKRGHFDWDGRU

2XWUDSHVTXLVDUHIHUHQWHj&223(59,'$TXHIRLXPDLPSRUWDQWHFRQWULEXLomRSDUDD
FDUDFWHUL]DomRGRHPSUHHQGLPHQWRHSDUDDVDQiOLVHVIRLUHDOL]DGDSRU/LPD
$ DXWRUD DSOLFRX XP TXHVWLRQiULR DOHDWRULDPHQWH HP FRRSHUDGRV TXH DFHLWDUDP
SDUWLFLSDUGDSHVTXLVDSDUDVDEHUDRSLQLmRGHOHVVREUHGLYHUVRVDVSHFWRVGHVXDYLGDSHVVRDO
HGHVHXWUDEDOKREXVFDQGRUHODFLRQDUDPERVRVFDPSRV
2V GDGRV IRUDP FRPSLODGRV H DSUHVHQWDGRV VXFLQWDPHQWH DEDL[R SDUD XPD
FDUDFWHUL]DomRJHUDOGRHPSUHHQGLPHQWRDSDUWLUGRVDVSHFWRVDERUGDGRSHODDXWRUD
&DUDFWHUL]DomRJHUDOGRVSDUWLFLSDQWHV
*rQHURPXOKHUHVHKRPHQV

,GDGH0DLRULDWLQKDHQWUHHDQRV
(WQLDPDLRULDVHFRQVLGHUDGHUDoDEUDQFDVHJXLGRVSHODSDUGDHQHJUD
(VWDGRFLYLOPDLRULDFDVDGD
)LOKRVPDLRUSHUFHQWXDOSRVVXLILOKRVVHJXLGRVGHHILOKRV
*UDX GH HVFRODULGDGH D PDLRULD IUHTXHQWRX GH D VpULHV RX SRVVXtD R HQVLQR
PpGLRLQFRPSOHWR
&RPSRVLomR IDPLOLDU D PDLRULD UHODWRX TXH YLYH FRP ILOKRV VHJXLGR GH HVSRVD H
FRPSDQKHLUD $OJXQV DLQGD YLYHP FRP SDLSDGUDVWR PmHPDGUDVWD LUPmR QHWR
VREULQKRRXDPLJR
'HQWUHRVFDWDGRUHVUHVSRQGHQWHVPDLVGHHVWDYDQDFRRSHUDWLYDKiPDLVGHXP
DQRVHQGRTXHTXDVHHUDPHPEURKiPHQRVGHXPDQR
(VVD DOWD WD[D GH QRYRV PHPEURV LQGLFD DOWD URWDWLYLGDGH GH FRRSHUDGRV QR
HPSUHHQGLPHQWR $ DXWRUD UHPHWHX HVVD URWDWLYLGDGH QR FRQWH[WR GD SHVTXLVD j VDtGD GH
GLYHUVRV FDWDGRUHV GR HPSUHHQGLPHQWR TXDQGR RFRUUHX D PXGDQoD GH JHVWmR PXQLFLSDO DR
ILQDOGHGHYLGRDSUREOHPDVGHUHSDVVHGHYHUEDVSDUDRHPSUHHQGLPHQWRRTXHJHURX
XPDVLWXDomRHFRQ{PLFDGHVIDYRUiYHOSDUDRVFRRSHUDGRV
2XWUR GDGR LPSRUWDQWH GHVWD SHVTXLVD UHPHWHVH DR IDWR GH TXH GHQWUH RV
HQWUHYLVWDGRVDSHQDVHUDPFDWDGRUHVDQWHVGHDGHULUHPDRHPSUHHQGLPHQWR
'HQWUHRVTXHQmRHUDPFDWDGRUHVQXQFDWLQKDPWUDEDOKDGRDQWHVHRVRXWURV
UHDOL]DYDP WUDEDOKRV GLYHUVRV RX QmR TXLVHUDP LQIRUPDU 3RUpP DSHQDV GHVVHV TXH
WUDEDOKDYDP HP RXWUDV IXQo}HV WLQKDP WUDEDOKR FRP FDUWHLUD DVVLQDGD DQWHV GH HQWUDU QD
FRRSHUDWLYDHDSHQDVUHVSRQGHUDPTXHDQWHVUHFHELDPXPDUHPXQHUDomRPHQRUjUHWLUDGD
GRHPSUHHQGLPHQWR
4XDQGRSHUJXQWDGRVVREUHDHFRQRPLDVROLGiULDDPDLRULDGLVVHQXQFDWHUWLGRFRQWDWR
FRPRXWURHPSUHHQGLPHQWRDQWHVGD&223(59,'$RTXHMXVWLILFDTXHDSHQDVFRRSHUDGRV
VH GLVVHUDP FDSD]HV GH H[SOLFDU R TXH p HFRQRPLD VROLGiULD 'HQWUH HVVHV FRRSHUDGRV D
PDLRULD DFUHGLWDYD TXH D HFRQRPLD VROLGiULD FRQWULEXL SDUD R FRQYtYLR SHVVRDO EXVFDYD
SUDWLFDU RV YDORUHV HFRQ{PLFRVROLGiULRV QR GLDDGLD H FRQYHUVDP VREUH HVWHV YDORUHV HP
FDVD
4XDQGR TXHVWLRQDGRV VREUH FRPR RV IDPLOLDUHV VH PDQLIHVWDP VREUH D SURILVVmR GH
FDWDGRUTXDVHPHWDGHGLVVHTXHD UHDomRGHVHXVIDPLOLDUHVpPRWLYDGRUDRXSRVLWLYDHXP
Q~PHURDSUR[LPDGRGLVVHTXHDIDPtOLDVHPDQLIHVWDQRUPDOPHQWH$PLQRULDLQIRUPRXTXH
DVIDPtOLDVUHDJHPGHIRUPDQHJDWLYDDRIDWRGRWUDEDOKDGRUVHUFDWDGRU

$LQGD VREUH IDPtOLD FRQVWDWRXVH TXH PDLV GD PHWDGH GRV FRRSHUDGRV UHVSRQGHQWHV
SRVVXHPSDUHQWHVQD&223(59,'$VHQGRHPVXDPDLRULDILOKRV
6HQGR TXHVWLRQDGRV VH HOHV VH VHQWHP PDLV FRPSUHHQVtYHLV FRP RV IDPLOLDUHV DSyV
HQWUDUQD&223(59,'$UHVSRQGHUDPTXHVLP

$ PDLRU SDUWH GRV FRRSHUDGRV TXH VH VHQWHP PDLV FRPSUHHQVtYHLV
DWXDOPHQWH DFUHGLWDP TXH LVVR HVWi UHODFLRQDGR j FRQYLYrQFLD H
DSUHQGL]DJHP TXH D &223(59,'$ RIHUHFH 2XWUD SDUFHOD DWULEXL HVVD
PXGDQoDjPHOKRULDVHPVXDVD~GHPHQWDOSURYRFDGDVSHORSUySULRVHUYLoR
(DLQGDKiUHODWRVGHTXHVHMDSHODVHQVDomRGHVHJXUDQoDHUHQGD /,0$
S

(P UHODomR j VD~GH /LPD FRQVWDWRX TXH DSHQDV UHDOL]DP WUDWDPHQWRV GH
VD~GH DWXDOPHQWH GHQWUH RV TXDLV HVWmR D KLSHUWHQVmR H D HQ[DTXHFD (OHV UHDOL]DP RV
WUDWDPHQWRVHPVHUYLoRVRIHUHFLGRVSUy[LPRVjVUHVLGrQFLDVSRUpPDPDLRULDGRVFRRSHUDGRV
QmR VRXEH H[SOLFDU TXDLV UHFXUVRV FDGD GLVSRVLWLYR SRVVXL EHP FRPR GHVFRQKHFHU TXDLV
H[LVWHP SUy[LPR jV VXDV UHVLGrQFLDV GRV FRRSHUDGRV TXH ID]HP WUDWDPHQWR GH VD~GH
GLVVHUDPWHUPHOKRUDGRGHSRLVGHHQWUDUQDFRRSHUDWLYDHFRQVLGHUDDFRRSHUDWLYDFRPR
D FDXVD GH VHX SUREOHPD GH VD~GH $LQGD VREUH RV VHUYLoRV GH VD~GH GRV FRRSHUDGRV
GLVVHUDP TXH VHX DFHVVR j LQIRUPDomR VREUH RV VHUYLoRV PHOKRURX DSyV HQWUDU QD
&223(59,'$

2V FRRSHUDGRV DILUPDUDP TXH GRV VHUYLoRV S~EOLFRV RIHUHFLGRV DSyV VXD
HQWUDGD QD FRRSHUDWLYD HOHV WLYHUDP PDLV DFHVVR DRV VHUYLoRV GH VD~GH
DRVVHUYLoRVGHOLPSH]D jHGXFDomR HQWUHRXWURV
VHUYLoRVS~EOLFRV /,0$S

6REUH D VD~GH GD IDPtOLD ó GRV FRRSHUDGRV SRVVXHP IDPLOLDUHV UHDOL]DQGR
WUDWDPHQWRVGHVD~GHFRPGHVWDTXHQRYDPHQWHSDUDDKLSHUWHQVmR
&RQFOXLQGRVHXWUDEDOKRDDXWRUDFLWDDDOWDURWDWLYLGDGHIDOWDRXEDL[DIUHTXrQFLDGH
FDSDFLWDomR H HGXFDomR VREUH FRRSHUDWLYLVPR GRV FRRSHUDGRV RX DLQGD D RFRUUrQFLD HP
IUHTXrQFLD LQVXILFLHQWH H D IDOWD GH LGHQWLILFDomR FRPR PHPEUR GD FRRSHUDWLYD VmR IDWRUHV
QHJDWLYRVSUHVHQWHVQHVVHHPSUHHQGLPHQWR
(ODFRQVWDWRXWDPEpPTXHRVPRWLYRVGHDVVRFLDomRDRHPSUHHQGLPHQWRVmRVLPLODUHV
HQWUH RV FRRSHUDGRV ³>@ D H[FOXVmR VRFLDO R GHVHPSUHJR D HVFRODULGDGH LQVXILFLHQWH TXH
GLILFXOWDQRSURFHVVRGHFRQVHJXLUXPHPSUHJRHQWUHRXWURVIDWRUHVTXHOHYDPDVSHVVRDVD
VHUHPPDUJLQDOL]DGDV´ /,0$S
8PD FRQFOXVmR LQWHUHVVDQWH GHVWD SHVTXLVD p TXH PHVPR TXH QmR KDMD XP
FRQKHFLPHQWR VXILFLHQWH VREUH HFRQRPLD VROLGiULD SRU SDUWH GRV FRRSHUDGRV DLQGD DVVLP D

FRQYLYrQFLD FRWLGLDQD FRP D IRUPD GH RUJDQL]DomR GR HPSUHHQGLPHQWR LQIOXHQFLD QR
FRPSRUWDPHQWR GH JUDQGH SDUWH GRV FRRSHUDGRV ³$ VROLGDULHGDGH PHVPR TXH QmR HVWHMD
H[SOtFLWDQRDPELHQWHGHWUDEDOKRYHPVHQGRSUDWLFDGDGHQWURGHFDVDTXDQGRRVFRRSHUDGRV
DILUPDPHVWDUHPPDLVFRPSUHHQVtYHLVFRPVHXVIDPLOLDUHVGHYLGRDRDPELHQWHGHWUDEDOKRH
jFRQYLYrQFLDQHVVHHVSDoR´ /,0$S
$ FRRSHUDWLYD VH DSUHVHQWRX WDPEpP FRPR LPSRUWDQWH PHLR SDUD TXH RV VHXV
PHPEURVSRVVXDPLQIRUPDo}HVVREUHRVVHUYLoRVS~EOLFRVHDFHVVRDHOHV
3{GHVHREVHUYDUQHVVHFDStWXORHPGLYHUVRVPRPHQWRVTXHDHFRQRPLDVROLGiULDVH
UHODFLRQDFRPGLYHUVRVDVSHFWRVFLHQWtILFRVHWHFQROyJLFRVFRPHoDQGRFRPXPGRVPRWLYRV
GHGHVHQFDGHDPHQWRGHVLWXDo}HVGHGHVHPSUHJR RJUDQGHDYDQoRWHFQROyJLFRVXEVWLWXLQGR
PmRGHREUDKXPDQDSRUPiTXLQDV DWpDVQHFHVVLGDGHVFLHQWtILFDVHWHFQROyJLFDVQHFHVViULDV
SHOR PRYLPHQWR GD HFRQRPLD VROLGiULD SHODV FRRSHUDWLYDV SHORV FRRSHUDGRV H PDLV
HVSHFLILFDPHQWHSHORVFDWDGRUHVGHPDWHULDLV UHFLFOiYHLVSDUDGHVHQYROYHUHGLVVHPLQDU HVVD
QRYD IRUPD GH RUJDQL]DomR HFRQ{PLFD EHP FRPR SDUD SRVVLELOLWDU D VXVWHQWDELOLGDGH GH
HPSUHHQGLPHQWRV
4XDQGRVHDERUGDDTXLDTXHVWmRWHFQROyJLFDQmRVHSHQVDVRPHQWHHPHTXLSDPHQWRV
H HVWUXWXUDV ItVLFDV PDV WDPEpP HP DTXLVLomR GH FRQKHFLPHQWR H GHVHQYROYLPHQWR GH
SURFHGLPHQWRVUHODFLRQDLV1mRVHSHQVDVRPHQWHHPSURGX]LUFLrQFLDHWHFQRORJLD³SDUD´RV
HPSUHHQGLPHQWRVPDVVLPHPSURGX]LU³FRP´HOHV'HVVHPRGRQRSUy[LPRFDStWXORVHUi
GLVFXWLGR VREUH DV UHODo}HV HQWUH D HFRQRPLD VROLGiULD FRP D FLrQFLD H D WHFQRORJLD H PDLV
DLQGD HVVD UHODomR VHUi DERUGDGD D SDUWLU GH FRQFHSo}HV GR FDPSR FLrQFLD WHFQRORJLD H
VRFLHGDGH &76
(VWH FDPSR GH SHVTXLVD FRPR VHUi YLVWR WHP PXLWR D FRQWULEXLU FRP D HFRQRPLD
VROLGiULD YLVWR TXH FRQVLGHUD D VRFLHGDGH FRPR SULPRUGLDO SDUD JXLDU RV SURFHGLPHQWRV H
SULRULGDGHVFLHQWtILFRWHFQROyJLFRV$VVLPRFDPSR&76SRGHFRQWULEXLUFRPSHVTXLVDVHP
HFRQRPLD VROLGiULD IRUQHFHQGR SDUkPHWURV GH DQiOLVH GH FRQWH[WRV DWXDLV D SDUWLU GD YLVmR
KLVWyULFD VREUH R GHVHQYROYLPHQWR FLHQWtILFR H WHFQROyJLFR RFRUULGR H VXDV FRQVHTXrQFLDV
VRFLDLV

&,Ç1&,$ 7(&12/2*,$ ( 62&,('$'( ( 26 (035((1',0(1726

(&21Ð0,&262/,'È5,26

2&$032&76

$SyV D 6HJXQGD *XHUUD 0XQGLDO GLYHUVRV DWRUHV GR FDPSR FLHQWtILFR HQWUDUDP HP
FKRTXH FRP DV SRVVLELOLGDGHV GH XWLOL]DomR GDV WHFQRORJLDV GHVHQYROYLGDV FRPR IRUPD GH
GHVWUXLomR GD YLGD KXPDQD H GR SODQHWD 9(/+2 2V DFLGHQWHV QXFOHDUHV H RV
GHVDVWUHV FDXVDGRV SHOR GHUUDPDPHQWR GH SHWUyOHR QRV RFHDQRV SRGHP VHU FRQVLGHUDGRV
H[HPSORVGLVWR'HDFRUGRFRPDDXWRUDQHVVDpSRFDDFLrQFLDHUDFRQVLGHUDGDDXW{QRPDHP
UHODomR DRV SURFHVVRV VRFLDLV H FRPR QmR UHVSRQViYHO SHODV FRQVHTXrQFLDV GD XWLOL]DomR GH
VHXVUHVXOWDGRV
$ FLrQFLD QHVVH SHUtRGR LQFRUSRUDYDVH j SROtWLFD H DRV JRYHUQRV FRP D PLVVmR GH
DWLQJLU REMHWLYRV GHILQLGRV H HVWUDWpJLFRV DVVLP FRPR D SROtWLFD FLHQWtILFD SHOR SURFHVVR GH
JOREDOL]DomR VHJXLD QRUPDV VLPLODUHV jV SROtWLFDV LQWHUQDFLRQDLV GH &LrQFLD 7HFQRORJLD H
,QRYDomR &7, GHVFRQVLGHUDQGRDVSDUWLFXODULGDGHVGHFDGDSDtV 9(/+2
1HVVHVHQWLGR'LFNVRQ DSRQWDDQHFHVVLGDGHGHFULDUXPDQRYDFRQFHSomRGH
FLrQFLD TXH EXVTXH R HVWDEHOHFLPHQWR GH XP HTXLOtEULR HQWUH D SURGXomR FLHQWtILFD H
WHFQROyJLFDHRPHLRVRFLDO
2 FDPSR &76 VXUJLX QHVVH FRQWH[WR SHOD QHFHVVLGDGH GH UHJXODomR S~EOLFD GDV
FLrQFLDV H WHFQRORJLDV SURGX]LGDV (VWH FDPSR FRQVLGHUD TXH D SURGXomR GH FLrQFLD H
WHFQRORJLD HQYROYH WRGRV RV VHXV DWRUHV GHQWUH RV TXDLV SRGHPRV FLWDU RV SHVTXLVDGRUHV D
SRSXODomR DV LQVWLWXLo}HV GH IRPHQWR DV XQLYHUVLGDGHV GHQWUH RXWURV /23(=&(5(=2

2FDPSR&76VHLQLFLRXDSUR[LPDGDPHQWHQD PHVPDpSRFD HPGLIHUHQWHVORFDLVGR
PXQGR6HJXQGR-LPpQH]2WWDOHQJR/OHUJR H/LQVLQJHQ HOHVXUJLXQRVSDtVHV
GHVHQYROYLGRVHPUHVSRVWDDRVLPSDFWRVGRGHVHQYROYLPHQWRWHFQROyJLFRVREUHRDPELHQWHH
D VRFLHGDGH QDV GpFDGDV GH H 2 GHVHQYROYLPHQWR FLHQWtILFR H WHFQROyJLFR HUD
FRQVLGHUDGR QHVVH SHUtRGR FRPR SRWHQFLDO D UHVROYHU TXHVW}HV UHODFLRQDGDV jV PHOKRULDV
VRFLDLV R TXH IRUD DSUHVHQWDGR QR GHQRPLQDGR ³FRQWUDWR VRFLDO´ HP UHODomR j FLrQFLD H j
WHFQRORJLD3RUpP'LFNVRQ UHIOHWHTXHHQTXDQWRRDYDQoRWHFQROyJLFRHUDDSUHVHQWDGR
FRPR SRWHQFLDO HP UHVROYHU DV QHFHVVLGDGHV VRFLDLV HOH FRQWUDULDPHQWH HVWDYD JHUDQGR
GHPDQGDVGHVQHFHVViULDVHDH[FOXVmRVRFLDO

&RPRH[HPSORRFRUUHUDPGLYHUVRVDFLGHQWHVHGHVDVWUHVUHODWLYRVDRGHVHQYROYLPHQWR
LQGXVWULDO R TXH DFDUUHWRX QD RUJDQL]DomR GH GLYHUVRV SURWHVWRV H PRYLPHQWRV 2V
PDQLIHVWDQWHV WLQKDP HP FRPXP D SHUFHSomR GH TXH HVWHV DFRQWHFLPHQWRV QmR HVWDYDP
LVRODGRV GD UHDOLGDGH VRFLDO H GHVVD IRUPD PRVWUDYDP R TXDQWR D FLrQFLD H D WHFQRORJLD
HVWDYDPVHGHVHQYROYHQGRGHIRUPDGHVFRQWURODGD %$==2/,16,1*(13(5(,5$
$VVLP DR ILQDO GRV DQRV D FLrQFLD H D WHFQRORJLD YLUDUDP REMHWR GH UHIOH[mR
S~EOLFDHDVOLQKDVGHWHUPLQLVWDVGHGHVHQYROYLPHQWRWHFQROyJLFRHRPRQRSyOLRGRVµH[SHUWV¶
VREUH DV GHFLV}HV HP UHODomR DRV UXPRV GD FLrQFLD UHFHEHUDP FUtWLFDV QHJDWLYDV %$==2
/,16,1*(13(5(,5$
(VVDYLVmRGHWHUPLQLVWDUHPHWHVHDXPDGDVTXDWURFRQFHSo}HVTXH)HHQEHUJ
GHILQHVREUHDFLrQFLDHWHFQRORJLD'HDFRUGRFRPHVWDFRQFHSomRDFLrQFLDHDWHFQRORJLD
VmRFRQVLGHUDGDVQHXWUDVHFRPGHVHQYROYLPHQWRDXW{QRPRRTXHFRLQFLGHFRPDVSUiWLFDV
SyVJXHUUD
)HHQEHUJ DLQGD GHILQH DV VHJXLQWHV FRQFHSo}HV DOpP GD 'HWHUPLQLVWD
,QVWUXPHQWDOLVWD FLrQFLD H WHFQRORJLD QHXWUDV FRP GHVHQYROYLPHQWR KXPDQDPHQWH
FRQWURODGR 6XEVWDQWLYLVWD FLrQFLDHWHFQRORJLDFDUUHJDGDVGHYDORUHVFRPGHVHQYROYLPHQWR
DXW{QRPR H D 7HRULD &UtWLFD FLrQFLD H WHFQRORJLD FDUUHJDGDV GH YDORUHV FRP
GHVHQYROYLPHQWRKXPDQDPHQWHFRQWURODGR
'LDV HVSHFLILFDTXHQR'HWHUPLQLVPRDWHFQRORJLDpFRPSUHHQGLGDFRPRXPD
IRUoDQHXWUD VHPYDORUHV HDXW{QRPD VHPFRQWUROHVRFLDO VHJXQGRDTXDODVRFLHGDGHGHYH
VHDGDSWDUSDVVLYDPHQWHDRFRQWH[WRWHFQROyJLFRHDRVHXDYDQoR
3DUDRDXWRUQR,QVWUXPHQWDOLVPRDFRQFHSomRVREUHFLrQFLDHWHFQRORJLDUHPHWHVHj
GRVHQVRFRPXPVHQGRTXHDWHFQRORJLDpQHXWUDHFRQWURODGDVRFLDOPHQWHYLVDQGRREHP
HVWDUVRFLDOSRUPHLRGRDSULPRUDPHQWRGHSURGXWRVHSURFHVVRV
-i QR 6XEVWDQWLYLVPR R DXWRU FRQVLGHUD TXH Ki YDORUHV HPEXWLGRV QD WHFQRORJLD
SRUpP R DYDQoR WHFQROyJLFR p FRQVLGHUDGR DXW{QRPR R TXH OHYD YDORUHV FRPR HILFLrQFLD
FRQWUROHHSRGHUDVHUHPLPSRVWRVVRFLDOPHQWH
(P UHODomR j7HRULD &UtWLFD HOH GHIHQGH TXH D YLVmR GH WHFQRORJLD p D GH TXH HOD p
FDUUHJDGDGHYDORUHVHFRQWURODGDVRFLDOPHQWH

$ WHFQRORJLD FRQYHQFLRQDO VXVWHQWDULD H UHIRUoDULD RV YDORUHV H D HVWUXWXUD
FDSLWDOLVWD $ ILP GH PRGLILFDU R DWXDO HVWLOR GH VRFLHGDGH H GH SURPRYHU
DOWHUQDWLYDV GH GHVHQYROYLPHQWR HIHWLYDPHQWH VXVWHQWiYHLV H TXH
HIHWLYDPHQWH EHQHILFLDVVHP j FROHWLYLGDGH D 7HRULD &UtWLFD GHVWDFD D
QHFHVVLGDGHGHSURPRomRGHLQVWUXPHQWRVGHGHPRFUDWL]DomRGRVSURFHVVRV
GHFLVyULRV UHODWLYRV j FRQVWUXomR VRFLRWpFQLFD >@ $VVLP SDUD D 7HRULD

&UtWLFDRSUREOHPDFHQWUDOQmRHVWDULDOLJDGRDRDYDQoRWHFQROyJLFRHPVL
PDV j LQH[LVWrQFLD GH LQVWLWXLo}HV TXH SHUPLWDP R SOHQR FRQWUROH KXPDQR
VREUHDWHFQRORJLD'HVVDPDQHLUDSDUDHVVDFRUUHQWHDGHPRFUDWL]DomRGR
SURFHVVR GH FRQVWUXomR SODQHMDPHQWR H GHVHQYROYLPHQWR GD WHFQRORJLD
HVWDULD QD EDVH GD FRQVWLWXLomR GH XP PRGHOR DOWHUQDWLYR GH VRFLHGDGH
',$6S

)HHQGEHUJ GHIHQGH TXH D FRQFHSomR GD 7HRULD &UtWLFD VHMD D PDLV DGHTXDGD
SDUDGHILQLURVSURFHVVRVFLHQWtILFRVHWHFQROyJLFRVPDVSDUDTXHHODVHMDSRVWDHPSUiWLFD
H[LVWH D QHFHVVLGDGH GH TXH R GHVHQYROYLPHQWR GD FLrQFLD H GD WHFQRORJLD RFRUUD
GHPRFUDWLFDPHQWHGHDFRUGRFRPDVQHFHVVLGDGHVHGHPDQGDVVRFLDLV
$ LPSRUWkQFLD GHVWD UHIOH[mR UHPHWHVH j QHFHVVLGDGH GH UHVSRQVDELOL]DomR GRV
FLHQWLVWDVVREUHDVDo}HVSUHWHQGLGDVYLVWRTXHRVUHVXOWDGRVDOFDQoDGRVLUmRDWLQJLUSRVLWLYD
RX QHJDWLYDPHQWH D VRFLHGDGH HP JHUDO 2XWUR IDWR TXH SRGH VHU DSRQWDGR p TXH R
LQYHVWLPHQWR S~EOLFR QD SURGXomR FLHQWtILFD H WHFQROyJLFD GHYpP GH LPSRVWRV SDJRV SHOD
SRSXODomRHGHVVDIRUPDHVVDSURGXomRGHYHVXSULUDVQHFHVVLGDGHVGHVHXVLQYHVWLGRUHVD
SRSXODomR
1mR p IiFLO FULDU XP VLVWHPD QR TXDO LVVR GH IDWR DFRQWHoD Mi TXH GLYHUVRV IDWRUHV
FRPR HGXFDomR SULQFtSLRV pWLFRV QHFHVVLGDGHV FRPXQV D XPD RX PDLV SRSXODo}HV H QmR
LQGLYLGXDLV HFRQRPLD GHQWUH RXWURV HVWmR HQYROYLGRV &ULDU IHUUDPHQWDV SDUD HTXDFLRQDU
WRGRVHVVHVIDWRUHVHJDUDQWLUXPDSURGXomRFLHQWtILFDHWHFQROyJLFDVDWLVIDWyULDpXPGHVDILR
DLQGD QRV GLDV GH KRMH 'HVGH TXH KLVWRULFDPHQWH VXUJLUDP SHQVDPHQWRV VREUH DV UHODo}HV
HQWUH VRFLHGDGH SDUWLFXODULGDGHV QDFLRQDLV H SURGXomR FLHQWtILFD H WHFQROyJLFD HVVHV
SHQVDPHQWRVDLQGDVHFRQIURQWDPFRPRXWURVDQWLJRVHDLQGDSUHVHQWHVHDWLYRVRVTXDLVVH
UHIHUHPDRVLQYHVWLPHQWRVHVWUDWpJLFRVDSDUWLUGHLQWHUHVVHVLQWHUQDFLRQDLV
&RQVLGHUDQGR HVWD FRQFHSomR GD 7HRULD &UtWLFD )((1'%(5* VREUH D
SURGXomRFLHQWtILFDHWHFQROyJLFDSRGHVHFRPSUHHQGHUDWHFQRORJLDFRPR³>@DFDSDFLGDGH
GH SHUFHEHU FRPSUHHQGHU FULDU DGDSWDU RUJDQL]DU H SURGX]LU LQVXPRV SURGXWRV H VHUYLoRV
(P RXWURV WHUPRV D WHFQRORJLD WUDQVFHQGH j GLPHQVmR SXUDPHQWH WpFQLFD DR
GHVHQYROYLPHQWRH[SHULPHQWDORXjSHVTXLVDHPODERUDWyULR´ %$6726S
'HVVHPRGRRVDXWRUHVFRUURERUDPSDUDDYLVmRGHTXHRGHVHQYROYLPHQWRGDFLrQFLD
H GD WHFQRORJLD GHYHP FRQVLGHUDU DV FDUDFWHUtVWLFDV ORFDLV H QDFLRQDLV SULRUL]DQGR DV
QHFHVVLGDGHVVRFLDLVHPHGLQGRVHXVLPSDFWRVSRUPHLRGRFRQWUROHVRFLDOSDUDTXHFLrQFLDH
WHFQRORJLD VHMDP DGHTXDGD jV GHPDQGDV VRFLDLV H QmR XP IDWRU GH GHVHTXLOtEULR H
GHVLJXDOGDGH

2V HVWXGRV &76 GH FDUiWHU LQWHUGLVFLSOLQDU QD GpFDGD GH FRQVROLGDUDPVH D
SDUWLU GD LQYHVWLJDomR GH SHVTXLVDGRUHV GDV FLrQFLDV KXPDQDV (OHV LQGLFDYDP TXH DV
PXGDQoDV FLHQWtILFRWHFQROyJLFDV GHYHULDP VRIUHU XPD UHJXODomR GHPRFUiWLFD H DSRQWDYDP
FRPRLPSRUWDQWHDFRPSUHHQVmRGHFRQGLFLRQDQWHVHFRQVHTXrQFLDVVRFLDLVHDPELHQWDLVGD
FLrQFLDHGDWHFQRORJLD %$==2/,16,1*(13(5(,5$
3DUD /RSH]&HUH]R H[LVWHP GRLV GLIHUHQWHV HQIRTXHV GH RULJHP GR FDPSR
&76 R HXURSHX YROWDGR SDUD D SHVTXLVD DFDGrPLFD H R QRUWHDPHULFDQR TXH HQIDWL]D D
HGXFDomRHDFULDomRGHSROtWLFDV&RQVLGHUDVHHQWmRTXHSDUDXPDYLVmRFUtWLFDGDFLrQFLDH
GD WHFQRORJLD HVWHV HQIRTXHV GHYHP VHU FRQVLGHUDGRV GH IRUPD FRPSOHPHQWDU H QmR
H[FOXGHQWH 0(6625(6

2V HVWXGRV VRFLDLV GD FLrQFLD H GD WHFQRORJLD RX HVWXGRV VREUH FLrQFLD
WHFQRORJLDHVRFLHGDGH &76 FRQVWLWXHPXPFDPSRGHWUDEDOKRQRVkPELWRV
GDLQYHVWLJDomRDFDGrPLFDGDHGXFDomRHGDVSROtWLFDVS~EOLFDVGRVSDtVHV
RQGH DWXDOPHQWH Mi HVWmR LPSODQWDGRV %$==2 /,16,1*(1 3(5(,5$
S

2 VXUJLPHQWR GHVWH WLSR GH YLVmR QHVWH SHUtRGR LOXVWUD D QHJDomR GH VHWRUHV VRFLDLV
VREUHRHQIRTXHFLHQWtILFRWHFQROyJLFRWUDGLFLRQDOGHIHQGHQGRRFRQWUROHVRFLDOGDVFLrQFLDVH
WHFQRORJLDV (VWH PRGHOR FULWLFDGR p FRQKHFLGR FRPR PRGHOR OLQHDU GH GHVHQYROYLPHQWR R
TXDO FRQVLGHUDYD TXH D SURGXomR FLHQWtILFD H WHFQROyJLFD JHUDULD ULTXH]DV H UHVXOWDULDP QR
EHP HVWDU VRFLDO QDWXUDOPHQWH %$==2 /,16,1*(11 3(5(,5$ / (VWD
FRQFHSomR VH HTXLYDOH j 'HWHUPLQLVWD GHVFULWD SRU )HHQGEHUJ FRQVLGHUDQGR TXH D
SRSXODomR p TXHP GHYH VH DGDSWDU DR GHVHQYROYLPHQWR FLHQWtILFR H WHFQROyJLFR H QmR R
FRQWUiULR
$FUtWLFDDHVWDFRQFHSomRHRGHEDWHVREUHDQHFHVVLGDGHGHLQYHUVmRGHVVDSHUFHSomR
DLQGD p UHFHQWH H WUDEDOKDGR SRU GLYHUVRV DXWRUHV GRV (VWXGRV6RFLDLV GD &LrQFLD GHQWUH RV
TXDLV/DWRXU (OHUHIOHWHTXHSHODIRUPDFRPRDFLrQFLDHDWHFQRORJLDHUDPWUDWDGDV
KRXYHDQHFHVVLGDGHGHµLQYHQWDU¶XPDVRFLHGDGHUHODFLRQDGDjFLrQFLDHjWHFQRORJLDFRPR
VHHODIRVVHDOJRVHSDUDGR2DXWRUDILUPDTXHGHVVHPRGRpFULDGD³>@XPDGLYLVmRDUWLILFLDO
HQWUHDVDVVRFLDo}HVPDLVIUDFDVHPDLVIRUWHV>@eDVVLPTXHVHDFDEDILFDQGRFRPDLGHLDGH
TXHKiWUrVHVIHUDV&LrQFLD7HFQRORJLDH6RFLHGDGH>@´ S
(VWD SHUVSHFWLYD GH /DWRXU LQGLFD D QHFHVVLGDGH GH VH LQFOXLU R WHUPR
µVRFLHGDGH¶ UHODFLRQDGR j FLrQFLD H j WHFQRORJLD SDUD GHVWDFDU DOJR TXH Mi DFRQWHFH
QDWXUDOPHQWH H TXH GHYHULD VHU FRQVLGHUDGR D LQVHSDUDELOLGDGH HQWUH FLrQFLD WHFQRORJLD H

VRFLHGDGH Mi TXH WRGR UHVXOWDGR FLHQWtILFR H WHFQROyJLFR DOFDQoDGR SRVVXL FRQVHTXrQFLDV
VRFLDLV
&RPSUHHQGHVHTXHQDVGpFDGDVGHHFLWDGDVSDUDUHIHUHQFLDURVXUJLPHQWR
GR FDPSR &76 RFRUUHUDP IDWRV UHODFLRQDGRV j FRQVHTXrQFLD QHJDWLYD GD XWLOL]DomR GH
FLrQFLDVHWHFQRORJLDVQRkPELWRVRFLDO(VWDVFRQVHTXrQFLDVFRORFDUDPHPTXHVWLRQDPHQWRD
YLVmR SUHGRPLQDQWH DWp HQWmR GH TXH DV FLrQFLDV H WHFQRORJLDV DSOLFDGDV HP EXVFD GH
GHVHQYROYLPHQWRHFRQ{PLFRHULTXH]DVUHVXOWDULDPHPEHPHVWDUVRFLDO
1HVVH VHQWLGR D FRQVLGHUDomR GH SHVTXLVDV YROWDGDV j VRFLHGDGH LQYHUWH D OyJLFD GH
TXHHVWDWHULDTXHVHDGDSWDUDRVPROGHVGRFDSLWDOSULYDGRGHIHQGHQGRTXHHVWHVHWRUGHYHVH
FRQILJXUDUGHDFRUGRFRPDQHFHVVLGDGHVRFLDO
(VWHFDPSRGHSHVTXLVDIDYRUHFHDSUiWLFDLJXDOLWiULDGHDo}HVTXHHQYROYDPDFLrQFLD
H D WHFQRORJLD SRU HVWLPXODU R HQYROYLPHQWR GD VRFLHGDGH LQFOXLQGR DV PLQRULDV HP VHXV
SURFHVVRV (OH HVWLPXOD XP GHVHQYROYLPHQWR VXVWHQWiYHO YLiYHO SDUD DV IXWXUDV JHUDo}HV
XVXIUXtUHP 0(6625(6 ,VVR FRPSUHHQGH D FRQVLGHUDomR GH FRQKHFLPHQWRV QmR
WpFQLFRVFRPRLPSRUWDQWHVSDUDRVSURFHGLPHQWRVFLHQWtILFRVHWHFQROyJLFRVRXVHMDVDEHUHV
GRVHQVRFRPXPTXHHQYROYHPFUHQoDVYDORUHVHPRUDLVSUySULDV /23(=&(5(=2
TXH HUDP GHVFRQVLGHUDGRV DQWHULRUPHQWH SHOD YDORUL]DomR H UHDOL]DomR GH SURFHGLPHQWRV
FLHQWtILFRVTXHDSHQDVHVWXGDYDPRVIHQ{PHQRVDSDUWLUGHFRQKHFLPHQWRVSUpH[LVWHQWHV
2V HVWXGRV &76 WrP FRPR GHVDILR ³FRQWULEXLU SDUD D HOLPLQDomR ± RX SHOR PHQRV
GLPLQXLomR ± GR FUHVFHQWH DELVPR TXH VH FRQVROLGRX HQWUH D FXOWXUD KXPDQLVWD H D FXOWXUD
FLHQWtILFR±WHFQROyJLFD TXH WDQWR IUDJPHQWD RV GLYHUVRV JUXSRV KXPDQRV´ %$==2
/,16,1*(13(5(,5$S

(VWHV HVWXGRV GHVWDFDP VREUHWXGR D QHFHVVLGDGH GH RXWURV HQWHQGLPHQWRV
VREUH D QDWXUH]D GDV UHODo}HV HQWUH FLrQFLD WHFQRORJLD H VRFLHGDGH EHP
FRPRDQHFHVVLGDGHGHJHVWDURXWUDVIRUPDVGHUHJXODUHFRQWURODURXVRHD
SURGXomRGDFLrQFLDHGDWHFQRORJLD /23(=&(5(=2S

2V HVWXGLRVRV GHVVH FDPSR UHIOHWHP VREUH D QHFHVVLGDGH GH GLIXVmR GHVVDV LGHLDV
FRQVLGHUDQGRTXHSDUDLVVRpHVVHQFLDODSXEOLFDomRGHSHVTXLVDVUHODWLYDVDHODVHPYHtFXORV
GHFRPXQLFDomRGHWUDEDOKRVFLHQWtILFRV(OHVLQGLFDPWDPEpPDLPSRUWkQFLDGHWUDQVSRUHVWHV
FRQKHFLPHQWRV SDUD XPD OLQJXDJHP SRSXODU WRUQDQGRRV DFHVVtYHLV jV SRSXODo}HV H DR
PHVPRWHPSRFRQWULEXLQGRHIDFLOLWDQGRRFRQWUROHVRFLDO
&RUUHLD DSUHVHQWD GLYHUVDV FRQFHSo}HV GH FRQWUROH VRFLDO FRQVWUXtGDV HP
GLIHUHQWHV FRQWH[WRV KLVWyULFRV H SRU YDULDGRV FDPSRV GH SHVTXLVD 3RUpP HVWDV GLYHUVDV
FRQFHSo}HVQmRVHUmRDTXLDSURIXQGDGDVSRUQmRVHUHPRREMHWRGHHVWXGRPDVDLQWHQomRGH

GHILQLU HVVH WHUPR VH UHIHUH j LPSRUWkQFLD GH VXD FRPSUHHQVmR HQTXDQWR PHFDQLVPR GH
SDUWLFLSDomRVRFLDOQDVGHFLV}HVFLHQWtILFDVHWHFQROyJLFDV
$DXWRUDUHIHULQGRDRVLVWHPDFDSLWDOLVWDDSRQWDTXDGURFRQFHSo}HVSULQFLSDLVVREUHR
TXHVHMDFRQWUROHVRFLDO
8PD FRQFHSomR VHJXQGR D TXDO D VRFLHGDGH YHP VRIUHQGR LPSRVLo}HV SHOR (VWDGR
SDUD TXH D RUGHP GR FDSLWDO VHMD DFHLWD DWUDYpV GD HODERUDomR GH SROtWLFDV S~EOLFDV TXH
SHUSHWXHP HVVD RUGHP EHP FRPR DWUDYpV GH RXWUDV IRUPDV GH GLIXVmR LGHROyJLFD TXH
OHJLWLPDPRVLVWHPDFDSLWDOLVWDQRFRWLGLDQRGDVSHVVRDV
2XWUD FRQVLGHUDQGR TXH R FRQWUROH VRFLDO VH UHPHWH D XPD GLVSXWD GH FODVVHV SHOD
KHJHPRQLDFRQVLGHUDQGRVHTXH(VWDGRHVRFLHGDGHQmRWHULDPXPDVLWXDomRQHFHVVDULDPHQWH
RSRVLWLYD1HVVDSHUVSHFWLYDRFRQWUROHVRFLDOVHULDUHDOL]DGRGHDFRUGRFRPFRQGLFLRQDQWHV
FRQWH[WXDLVKLVWyULFRV
2FRQWUROHVRFLDOH[HUFLGRSRUFODVVHVVRFLDLVFRQVLGHUDGDV³VXEDOWHUQDV´FRPPHQRV
UHFXUVRVHSRGHURXTXHQmRSRVVXHPVXDLGHLDGLIXQGLGDGHIRUPDKHJHP{QLFD(ODGL]TXH
HVWH FRQWUROH SRVVLELOLWD D HVWD SRSXODomR VHU SURWDJRQLVWD GH VXD KLVWyULD FRQVHJXLQGR
FRQVHQVRVVRFLDLVVREUHRVHXSURMHWRGHFODVVHHDLQFRUSRUDomRGHVHXVLQWHUHVVHVjVDo}HVGR
(VWDGRLQWHUIHULQGRGHVVHPRGRQDJHVWmRS~EOLFD
3RU~OWLPRDSHUVSHFWLYDGHTXHDWXDOPHQWHRFRQWUROHVRFLDOpGLVFXWLGRQRkPELWR
GDSDUWLFLSDomRVRFLDOQDVSROtWLFDVS~EOLFDV &255(,$
eQHVVD~OWLPDSHUVSHFWLYDTXHHVWHWUDEDOKRVHGHEUXoD'HVVHPRGRRFRQWUROHVRFLDO
VHULDEDVLFDPHQWHDRULHQWDomRGDVDo}HVGR(VWDGRSHORVLQWHUHVVHVFROHWLYRVLQGLFDGRVSHOD
VRFLHGDGHFLYLO &255(,$ SRVVLELOLWDQGRDSDUWLOKDGHSRGHUHRGHVHQYROYLPHQWRGH
XPSURFHVVRTXHSRVVLELOLWHDOFDQoDUDFLGDGDQLD 6,/9$(*<',2628=$ $VVLP
R FRQWUROH VRFLDO p YLVWR FRPR XP PHFDQLVPR SRVVtYHO GH VHU HTXLOLEUDGR H GHPRFUiWLFR
XWLOL]DGRHPHVSDoRVRQGHRVGLYHUVRVLQWHUHVVHVFRQYHUVDPHEXVFDPFRQYHUJLUHPDo}HVGH
LQWHUHVVHFRPXPDGLYHUVDVFODVVHVVRFLDLVHTXHGHYHPVHUH[HFXWDGDVSHOR(VWDGR
$LQGDHPUHODomRjSURSDJDomRGDVLGHLDVGRFDPSR&76LQGLFDVHFRPRLPSRUWDQWH
HQYROYHUDSDUWLFLSDomRGHDGPLQLVWUDGRUHVGHSURJUDPDVGH3ROtWLFDGH&LrQFLDH7HFQRORJLD
HP UHIOH[}HV H SUiWLFDV GHVVH FDPSR (VWHV DGPLQLVWUDGRUHV VmR DTXL FRQVLGHUDGRV SRLV DV
3ROtWLFDV GH &LrQFLD H 7HFQRORJLD 3& 7 VmR FRQVWLWXtGDV D SDUWLU GD YLVmR SUHGRPLQDQWH
VREUH R TXH p FLrQFLD $VVLP SURPRYHU XPD WUDQVIRUPDomR QD DFHLWDomR GH GHWHUPLQDGD
FRQFHSomRUHPHWHUijFULDomRGHSROtWLFDVDMXVWDGDVDHOD %$==2/,16,1*(13(5(,5$

(QWHQGHU FLrQFLD H WHFQRORJLD FRPR SURFHVVRV VRFLDLV TXH UHVSRQGHP HP

SDUWHSRUYDORUHVHLQWHUHVVHVH[WHUQRVHTXHWrPXPFRQVLGHUiYHOLQWHUHVVH
S~EOLFRSHODVFRQVHTrQFLDVTXHGHOHVGHULYDPpWDPEpPHPTXDOTXHUSDtV
HPTXHDSDODYUDGHPRFUDFLDJR]DGHDOJXPVHQWLGRGHIHQGHUDUHQRYDomR
GRVWUDGLFLRQDLVFRQWH~GRVHGXFDWLYRVHDWUDQVIRUPDomRGDVDWXDLVHVWUXWXUDV
SROtWLFDV 6y GHVVH PRGR p SRVVtYHO SURPRYHU XPD JHVWmR LQIRUPDGD H
SDUWLFLSDWLYDGDVPXGDQoDVFLHQWtILFR±WHFQROyJLFDV %$==2S

e LPSRUWDQWH GHVWDFDU TXH PHVPR FRP D GHWHUPLQDomR GH XPD SUHGRPLQkQFLD GH
FRQFHSomR VREUH FLrQFLD H GDV GLUHo}HV D VHUHP WRPDGDV SHOD 3& 7 GLYHUVRV SHQVDPHQWRV
FRQYLYHPHPGLYHUVDVpSRFDV
0HVVRUHV LQGLFD HQWmR D QHFHVVLGDGH GH FULDU XP µQRYR FRQWUDWR VRFLDO¶ TXH
YLDELOL]HUHQHJRFLDUDVUHODo}HVHQWUHFLrQFLDWHFQRORJLDHVRFLHGDGH&RQVLGHUDQGRDFUtWLFD
GRFDPSR&76jYLVmRGHWHUPLQLVWDGHFLrQFLDDHVWHFDPSRFDEH³RUHFKDoRGDLPDJHPGD
FLrQFLD FRPR DWLYLGDGH SXUD H QHXWUD D FUtWLFD GD FRQFHSomR GH WHFQRORJLD FRPR FLrQFLD
DSOLFDGDHQHXWUDDUHMHLomRDHVWLORVWHFQRFUiWLFRVLVWRpDSURPRomRGDSDUWLFLSDomRS~EOLFD
QDWRPDGDGHGHFLV}HV´ 0(6625(6S
3DUD D DXWRUD RV HVSDoRV GH HGXFDomR H DPELHQWH XQLYHUVLWiULRV SRVVXHP HOHYDGD
LPSRUWkQFLDHPUHODomRjGLVVHPLQDomRGHVVDFXOWXUDFLHQWtILFDEDVHDGDQRVSULQFtSLRV&76
SRUpPDFRQVROLGDomRGHVWHFDPSRQHVWHVDPELHQWHVDLQGDpXPGHVDILR
2XWURV GHVDILRV DSUHVHQWDGRV jV XQLYHUVLGDGHV VmR D IRUPDomR GH SHVVRDV FRP
FRPSRUWDPHQWRVDGHTXDGRVSDUDDWXDUMXQWRjSRSXODomRHPEXVFDGHPHOKRUHVFRQGLo}HVGH
YLGDSDUDDPDLRULDGHOD &58=628=$ HSRVVLELOLWDUTXHDSRSXODomRWHQKDDFHVVR
DRVFRQKHFLPHQWRVFLHQWtILFRHWHFQROyJLFR 2/,9(,5$=$1,1
$ DSUHVHQWDomR GHVWHV GHVDILRV SDUWH GR SULQFtSLR GH TXH TXDQGR D XQLYHUVLGDGH VH
DSUR[LPD GR FDPSR &76 H VH SURS}H DR GHVHQYROYLPHQWR GH SHVTXLVDV EDVHDGRV HP VHXV
SULQFtSLRV HOD FXPSUH R VHX SDSHO VRFLDO SHOD SRVVLELOLGDGH GH UHVROYHU SUREOHPDV GD
KXPDQLGDGHHSHODDSOLFDomRGRVSULQFtSLRVGHLQYHVWLJDomRFLHQWtILFDMXQWRDRPHLRVRFLDOH
QmRVRPHQWHSHODLPSOHPHQWDomRGHWHFQRORJLDV 6&+:$57=0$1
3DUD %RXUGLHX p DOJXpP GD FRPXQLGDGH DFDGrPLFD TXH GHWpP R SRGHU GH
GHILQLU D DJHQGD GH FLrQFLD H WHFQRORJLD $VVLP SRGHVH LQIHULU TXH VH HVWH DOJXpP HVWLYHU
DOLQKDGRFRPRVSULQFtSLRV&76DUHODomRGDFLrQFLDHGDWHFQRORJLDFRPDVRFLHGDGHSRGHUi
HVWDUFRQWHPSODGDQHVVDDJHQGD3RUpPSDUD'DJQLQR RVDFDGrPLFRVTXHFRQWURODP
HVVD DJHQGD VmR DTXHOHV UHFRQKHFLGRV SULQFLSDOPHQWH QR H[WHULRU R TXH PRVWUD TXH
LQIHOL]PHQWHDLQGDVHSULRUL]DDSHVTXLVDSDUDLQWHUHVVHVH[WHUQRVHQmRQDFLRQDLV

$ EXVFD GH XP HQIRTXH QDFLRQDO UHODFLRQDVH FRP D QHFHVVLGDGH GH ROKDU SDUD DV
GHPDQGDV LQWHUQDV GR SDtV FRQVLGHUDQGR VHX FRQWH[WR VHXV UHFXUVRV H VXDV FDUDFWHUtVWLFDV
SDUWLFXODUHV$VVLPRFRQKHFLPHQWRGHVXDSRSXODomRSRGHUiFRQWULEXLUSDUDDDGHTXDomRGDV
SUiWLFDVFLHQWtILFDVHWHFQROyJLFDVDRVLQWHUHVVHVQDFLRQDLVFRQVLGHUDQGRDVUHDOLGDGHVORFDLV
H QmR RV LQGLFDWLYRV LQWHUQDFLRQDLV FXMRV FRQWH[WRV QHP VHPSUH VmR DGDSWiYHLV DRV IDWRUHV
QDFLRQDLV
3DUD R FDPSR &76 D WHFQRORJLD GHVHQYROYLGD GHYH FRQVLGHUDU DV QHFHVVLGDGHV GR
PHLR QR TXDO KDYHUi LQWHUYHQomR REVHUYDQGR TXDLV VmR DV SRVVLELOLGDGHV UHDLV GH
GHVHQYROYLPHQWR KXPDQR DVVXPLQGR R FRPSURPLVVR GH SRWHQFLDOL]DU VXDV LQWHUUHODo}HV
FRQVLGHUDQGR LQGLVVRFLiYHLV ³GHVHQYROYLPHQWR KXPDQR SURJUHVVR WHFQROyJLFR
GHVHQYROYLPHQWRFLHQWtILFRHFRPSRUWDPHQWRVRFLDO>@´ %$==2/,16,1*(13(5(,5$
/S RTXHVHJXQGRRVDXWRUHVSRVVLELOLWDTXHDSRSXODomRHQYROYLGDWHQKDDFHVVRDR
FRQWUROHGRVHIHLWRVGDVFLrQFLDVHWHFQRORJLDVTXHRHQYROYHP
3RGHVHDILUPDUTXHRFDPSR&76SRVVXLFRHUrQFLDVFRPD7HRULD&UtWLFDGH)HHQEHUJ
SRGHQGRUHVXOWDUQDEXVFDYHUGDGHLUDSHOREHPHVWDUVRFLDODSDUWLUGDREVHUYDomRGDV
GHPDQGDVVRFLDLVHGDLQWHUYHQomRFRQMXQWDGDSRSXODomRHQmRGDLPSRVLomRGHSUHIHUrQFLDV
WHFQROyJLFDV HVWUDQJHLUDV (VWD p XPD WHQGrQFLD GH FRQFHSomR GH FLrQFLD TXH HVWi HP
FRQVWUXomRDWXDOPHQWH 9(/+2
$&76FULWLFDRPRGHOROLQHDUGHIHQGLGRSHODYLVmRGHWHUPLQLVWDTXHDFUHGLWDYDTXHR
EHPHVWDU VRFLDO GHULYDULD GDV LQWHUYHQo}HV FLHQWtILFRWHFQROyJLFDV TXH VHULDP UHVSRQViYHLV
SRUJHUDUULTXH]D %$==2/,16,1*(13(5(,5$ GHIHQGHQGRTXHH[LVWHPYDORUHV
QDFLrQFLDHTXHHVWDGHYHVLPVHUFRQWURODGD
$VVLPSRGHVHGL]HUTXHSULPRUGLDOPHQWHFRPXPDYLVmRGHWHUPLQLVWDDFRQFHSomR
GH FLrQFLD YROWDYDVH j SURGXomR GH DUWHIDWRV WHFQROyJLFRV FRQVLGHUDGRV UHVSRQViYHLV SHOD
WUDQVIRUPDomR GD UHDOLGDGH D TXDO WHULD VHXV SULQFLSDLV DVSHFWRV UHYHODGRV SHOD FLrQFLD
%$==2 /,16,1*(1 3(5(,5$ 2 FDPSR &76 FRPSUHHQGH H HVWXGD TXH HVVH
VLVWHPDpPDLVFRPSOH[RHTXHDVRFLHGDGHQmRpPHURHVSHFWDGRUGRGHVHQYROYLPHQWRHP
& 7 PDV VLP XP DWRU LPSRUWDQWH TXH QmR GHYH VLPSOHVPHQWH VH DGDSWDU j GHPDQGD
RIHUHFLGDPDVVLPLQGLFDUVXDVQHFHVVLGDGHVHSDUWLFLSDUGRFRQWUROHGHVHXVHIHLWRV

&761$$0e5,&$/$7,1$(12%5$6,/

0HVVRUHV HPVHXWH[WRID]XPDUHIOH[mRVREUHDGLIHUHQoDHQWUHRVFRQFHLWRVGH
FDPSR H GH PRYLPHQWR &76 3DUD D DXWRUD R FDPSR &76 VH UHODFLRQD FRP IXQo}HV

FRJQLWLYDV GHVHQYROYLGDV SHORV HVWXGLRVRV GDV UHODo}HV GD FLrQFLD H GD WHFQRORJLD FRP D
VRFLHGDGH RULJLQDQGRVH HQWUH DV GpFDGDV GH H D SDUWLU GDV LGHLDV GH 5REHUW
0HUWRQ-iRPRYLPHQWRUHPHWHVHjFRQVLGHUDomRGHXPVXMHLWRRXDRFRQMXQWRGHVXMHLWRV
SROtWLFRVPRELOL]DGRVSDUDDWLQJLUXPREMHWLYRFRPXP
'HDFRUGRFRPHVWDFRQFHSomRRGHVHQYROYLPHQWR&76QD$PpULFD/DWLQDFRPHoRX
FRPR XP PRYLPHQWR TXH PLJURX SDUD R FDPSR VHQGR DWXDOPHQWH QHVWH IRFR TXH DV
GLVFXVV}HV &76 VH GHVHQYROYHP (VWH PRYLPHQWR FRPHoRX SRU XPD QHFHVVLGDGH GH PDLRU
LQGHSHQGrQFLD FLHQWtILFRWHFQROyJLFD GRV SDtVHV ODWLQRDPHULFDQRV HP UHODomR DRV SDtVHV
GHVHQYROYLGRV '$*1,12
/ySH]&HUH]R GHIHQGH TXH D RULJHP GR PRYLPHQWR &76 QD $PpULFD /DWLQD
RFRUUHX D SDUWLU GD FRQVLGHUDomR GDV FLrQFLDV H WHFQRORJLDV FRPR XPD FRPSHWrQFLD GDV
SROtWLFDVS~EOLFDV,VVROHYRXjFDUDFWHUL]DomRGHXPSHQVDPHQWRODWLQRDPHULFDQRGHSROtWLFD
FLHQWtILFD H WHFQROyJLFD (VWD SHUVSHFWLYD &76 FRQGL] FRP D QRUWHDPHULFDQD TXH IRFDYD D
HGXFDomRHDFULDomRGHSROtWLFDV
0HVPR FRP D H[LVWrQFLD GH WUDGLo}HV GH SHQVDPHQWRV HP &76 H FRQVLGHUDQGR GH
IRUPDJHUDOTXHRLGHDOVHULDTXHWRGRVHVVHVSHQVDPHQWRVVHMDPDOLQKDGRVHFRPSOHPHQWDUHV
H[LVWHPGLIHUHQoDVHQWUHDVFRQFHSo}HVLQWHUQDFLRQDLVHRPRYLPHQWR&76QD$PpULFD/DWLQD
8PDGHVVDVGLIHUHQoDVUHPHWHVHEDVLFDPHQWHjFRQVLGHUDomRGHTXHIDOWDXPDGLUHWUL]
TXHRULHQWHDFLrQFLDHDWHFQRORJLDQD$PpULFD/DWLQD 9$&&$5(==$ 'HIHQGHVH
DLQGDTXHDFLrQFLDHDWHFQRORJLDQD$PpULFD/DWLQDQXQFDIRUDPGHYLGDPHQWHUHODFLRQDGDV
DRGHVHQYROYLPHQWRSURPRYHQGRXPDJUDQGHGLVWkQFLDHQWUHDFLrQFLDHRVLVWHPDSURGXWLYR
6$17$11$
(VWDV FDUDFWHUL]Do}HV DFHUFD GR VLVWHPD FLHQWtILFR H WHFQROyJLFR FDUDFWHUL]D R TXH
RFRUUH QR %UDVLO R TXDO SRVVXL XP KLVWyULFR GH LPSRUWDomR GH WHFQRORJLDV FRP SRXFD
DXWRQRPLD
1RSHUtRGRHPTXHVHFRPHoRXDGLVFXWLUVREUH&76QD$PpULFD/DWLQDHQR%UDVLOD
LQG~VWULDEUDVLOHLUD GHFDSLWDOQDFLRQDO HVWDYDHPXPDSRVLomRWHFQRORJLFDPHQWHPDLVIUDFD
VHFRPSDUDGDjVWUDQVQDFLRQDLV2FRUULDWDPEpPXPDDOLDQoDHQWUHRJRYHUQREUDVLOHLURHDV
HOLWHV PLOLWDUHV EHP FRPR HQWUH D FRPXQLGDGH GH SHVTXLVD HP EXVFD GH PDLRU DXWRQRPLD
WHFQROyJLFD '$*1,12 ³1R FDVR EUDVLOHLUR HP IXQomR GR SURMHWR ³%UDVLOJUDQGH
SRWrQFLD´ GRV PLOLWDUHV TXH GHPDQGDYD XP HOHYDGR JUDX GH DXWRQRPLD WHFQROyJLFD D VHU
FRQVWUXtGRHPORQJRSUD]RRFRUUHXXPFRQVLGHUiYHODSRLRjSHVTXLVD´ '$*1,12S
2EVHUYDVHDUHODomRGDSHVTXLVDFLHQWtILFDHWHFQROyJLFDHVHXVLQYHVWLPHQWRVDOLDGDDR

DVSHFWRGDVHJXUDQoDQDFLRQDORTXHPHVPRFDUDFWHUL]DQGRXPDSRLRjSHVTXLVDGHOLPLWDD
DXWRQRPLDTXHVHGHVSHQGHjFLrQFLD
6HJXQGR%D]]R H[LVWHXPDJUDQGHFDUrQFLDQR%UDVLOGHPDWHULDLVTXHUHIRUFHP
RV HVWXGRV GDV GLPHQV}HV VRFLDLV GD FLrQFLD H GD WHFQRORJLD RV TXDLV GHYHP VHU
GHVHQYROYLGRV GH IRUPD D UHIOHWLU VREUH DV FRQVHTXrQFLDV GRV UHVXOWDGRV WHFQROyJLFRV SDUD
TXHQmRRFRUUDXPDSUHQGL]DGRSXUDPHQWHPHFDQLFLVWD
1R %UDVLO RV (VWXGRV VREUH &LrQFLD 7HFQRORJLD H 6RFLHGDGH (&76 VHJXQGR
'DJQLQR DLQGD VmR HVFDVVRV QDV XQLYHUVLGDGHV 2 DXWRU DLQGD GHIHQGH TXH XPD
FRQYHUJrQFLDHQWUHRV(&76HDVSROtWLFDVGHFLrQFLDHWHFQRORJLDGHSHQGHGDUHDOL]DomRGH
GHEDWHV HQWUH DV FRPXQLGDGHV FLHQWtILFDV SDUD TXH VHMDP IRUPDGRV SURILVVLRQDLV FRP HVWDV
SHUVSHFWLYDV
&RQVLGHUDQGR TXH QD $PpULFD /DWLQD D FLrQFLD H D WHFQRORJLD SRVVXHP IRUWH UHODomR
FRP D FULDomR GH SROtWLFDV D LQFOXVmR GHVVHV HVWXGRV HP XQLYHUVLGDGHV SRVVLELOLWD TXH R
GHVHQYROYLPHQWRGHSROtWLFDVSDXWDGDVQRFDPSR&76VHIRUWDOHoD
(QIDWL]DVH HQWmR D QHFHVVLGDGH GH IRUWDOHFHU RV HVWXGRV VRFLDLV GD FLrQFLD H GD
WHFQRORJLD Mi TXH HP XP SDtV GHPRFUiWLFR D SDUWLFLSDomR SRSXODU GHYH VHU HIHWLYD QRV
SURFHVVRV GH GHFLVmR H HVWHV HVWXGRV SRVVLELOLWDP EXVFDU PHLRV SDUD TXH RFRUUDP
WUDQVIRUPDo}HV QRV VLVWHPDV HGXFDFLRQDLV H SROtWLFRV WUDGLFLRQDLV %$==2 /,16,1*(1
3(5(,5$
$LQGD TXH H[LVWDP DOJXPDV LQVWLWXLo}HV FRP HVWD DERUGDJHP GH HVWXGR QR %UDVLO R
SDtVDLQGDWHPFRPRGHVDILRUHIRUoDUDHGXFDomRTXHWUDWHGHVVHFDPSRYLVDQGRTXHHOHVHMD
SDUWHGDFXOWXUDJHUDOGDSRSXODomREUDVLOHLUD8PGRVPHLRVSDUDLVVRpFRQVROLGDUHPMRYHQV
RLQWHUHVVHSRUHVWXGRVVRFLDLVGDFLrQFLDHGDWHFQRORJLD %$==2/,16,1*(13(5(,5$
/

$V SROtWLFDV FLHQWtILFR±WHFQROyJLFDV HVWmR VHQGR ± SHOR PHQRV QRV SDtVHV
GHVHQYROYLGRV±FRQVWDQWHPHQWHSRVWDVHPUHYLVmRQRVHQWLGRGHFRORFDUVRE
FRQWUROH GD VRFLHGDGH RV HIHLWRV QHJDWLYRV GDV DSOLFDo}HV GHVHQIUHDGDV GD
FLrQFLDHGDWHFQRORJLD,VVRQRHQWDQWRQmRpXPDUHYLVmRTXHVHHVJRWDQR
kPELWRSXUDPHQWHSROtWLFR7DPEpPDHGXFDomRHPFLrQFLDHWHFQRORJLDVH
ID]REMHWRGHXPDSURIXQGDPXGDQoD±HHPPXLWDVVLWXDo}HVGDVXDSUySULD
LPSODQWDomR ± YLVDQGR IRUPDU FLGDGmRV UHVSRQViYHLV H VRFLDOPHQWH
FRQVFLHQWHV %$==2/,16,1*(13(5(,5$/S

(PJHUDODSURSRVWDEUDVLOHLUDSDUDRVLVWHPDGHFLrQFLDHWHFQRORJLDGHVFRQVLGHUDTXH
D PDLRU SDUWH GDV SHVTXLVDV p UHDOL]DGD HP XQLYHUVLGDGHV *8,0$5(6 H TXH p
QHFHVViULDDEXVFDSRUWHFQRORJLDVDGHTXDGDVDRPHLRVRFLDO2FRQWH[WRVRFLDOGHH[FOXVmRH
DSURFXUDSRUWHFQRORJLDVGHSRQWDTXHFRORTXHPR%UDVLOHPXPDERDSRVLomRFRPSHWLWLYD

FRPSURPHWHP DV FRQGLo}HV GH YLGD GH SRSXODo}HV PHQRV IDYRUHFLGDV Mi TXH D
UHVSRQVDELOLGDGH GDV XQLYHUVLGDGHV FRP VHXV SDUHV QRUPDOPHQWH QmR DOLQKDGRV jV
SHUVSHFWLYDV GR FDPSR &76 GLILFXOWD VHX UHODFLRQDPHQWR FRP DV QHFHVVLGDGHV VRFLDLV
%$80*$57(1

&,Ç1&,$ 7(&12/2*,$ (&2120,$ 62/,'È5,$ ( $6 &223(5$7,9$6 '(
&$7$'25(6

2 VXUJLPHQWR GD HFRQRPLD VROLGiULD QR %UDVLO RFRUUHX HP XP SHUtRGR GpFDGD GH
QR TXDO DV WHQGrQFLDV GH SHVTXLVD H LQYHVWLPHQWR QR %UDVLO VHJXLDP PRGHORV
LQWHUQDFLRQDLVTXHIRFDYDPWHFQRORJLDVGXUDVHQmRWLQKDPSUHRFXSDomRVRFLDO
$VWHFQRORJLDVDTXLGHQRPLQDGDV³GXUDV´VmRFRQVLGHUDGDVFRPRDTXHODVWHFQRORJLDV
MiHVWUXWXUDGDVSDUDDHODERUDomRGHGHWHUPLQDGRVSURGXWRV 0(5+< 0DLVDIUHQWH
VHUmRDSUHVHQWDGDVRXWUDVGHILQLo}HVGHWLSRVGHWHFQRORJLD OHYHVHOHYHGXUDV GHILQLGDVSRU
0HUK\VXDVLPSOLFDo}HVEHPFRPRVHUmRIHLWDVFRPSDUDo}HVHUHIOH[}HVHQWUHHODV
3DUDDRUJDQL]DomRGRVWUDEDOKDGRUHVQRVPROGHVGRFRRSHUDWLYLVPRHPSURFHVVRGH
UHFXSHUDomR GH HPSUHVDV IDOLGDV IRL QHFHVViULR R GHVHQYROYLPHQWR GH WHFQRORJLDV TXH
SRVVLELOLWDVVHPDDTXLVLomRRXDUUHQGDPHQWRGHVVDVHPSUHVDVSRUSDUWHGHVVHVWUDEDOKDGRUHV
2 HQYROYLPHQWR GDV XQLYHUVLGDGHV FRP D HFRQRPLD VROLGiULD RFRUULGR QR ILQDO GRV
DQRV IDYRUHFHX R GHVHQYROYLPHQWR GH WHFQRORJLDV VRFLDLV 76 TXH VmR SRWHQFLDLV DR
FRPEDWH GD GHVLJXDOGDGH HFRQ{PLFD H VRFLDO SHOD DSUR[LPDomR FRP D SRSXODomR H
FRQVLGHUDomR GH VHXV FRQKHFLPHQWRV FRPR GHIHQGH R FDPSR &76 H D 7HRULD &UtWLFD
)((1%(5* FRQVWLWXLQGRXPDFRQFHSomRGHFLrQFLD FRPYDORUHVFRQWURODGDHTXH
EXVFDVVHREHPHVWDUVRFLDO 9(/+2
$V76WrPVXDUDL]QRVpFXOR;,;TXDQGRRFRUUHX DFULVHGDWHFQRORJLDDSURSULDGD
7$ $7$VHRULJLQRXQDËQGLDTXDQGRVHDOPHMDYDRIRUWDOHFLPHQWRGDHFRQRPLDQDFLRQDOH
RFRUULDXPFRPEDWHFRQWUDDLPSRUWDomRGHSURGXWRV3DUDLVVRIRLLQFHQWLYDGDSRU*KDQGLD
DSURSULDomR SRU XPD SDUWH PDLRU GD SRSXODomR LQGLDQD GH WHFQRORJLDV Mi XWLOL]DGDV SRU
SHTXHQRV JUXSRV GH DUWHVmRV '$*1,12 %5$1'2 129$(6 EXVFDQGR XPD
SURGXomRUHDOL]DGDSHODPDVVDHQmRHPPDVVD
3RUpP D 76 SRVVXL XP GLIHUHQFLDO HP UHODomR j 7$ H DPEDV QmR GHYHP VHU
FRQIXQGLGDV D 76 LQFHQWLYD D FUtWLFD DR IXQFLRQDPHQWR VRFLDO DR FRQWUiULR GD 7$
52'5,*8(6%$5%,(5,

$76pGHILQLGDSHOD5HGHGH7HFQRORJLD6RFLDO 576 FRPR³SURGXWRVWpFQLFDVHRX

PHWRGRORJLDV UHDSOLFiYHLV GHVHQYROYLGDV QD LQWHUDomR FRP D FRPXQLGDGH TXH UHSUHVHQWHP
HIHWLYDVVROXo}HVGHWUDQVIRUPDomRVRFLDO´ 576 HSHOR,QVWLWXWRGH7HFQRORJLD6RFLDO
,76 FRPR³XP FRQMXQWRGHWpFQLFDVHPHWRGRORJLDVWUDQVIRUPDGRUDVGHVHQYROYLGDV
HRXDSOLFDGDVQDLQWHUDomRFRPDSRSXODomRHDSURSULDGDVSRUHODTXHUHSUHVHQWDPVROXo}HV
SDUDLQFOXVmRVRFLDOHPHOKRULDGDVFRQGLo}HVGHYLGD´ ,76S
eLPSRUWDQWHREVHUYDUTXHDVFRQFHSo}HVGH76DSUHVHQWDGDVQmRVHDQXODPPDVVLP
VHFRPSOHPHQWDP
'DO5L GHIHQGHTXHDGHILQLomRGH76pPDLVDPSODSRGHQGRVHUDSOLFDGDWDQWR
D IRUPDV GH RUJDQL]DomR GR WUDEDOKR TXDQWR jV GH SURGXomR (OD HVSHFLILFD DV IRUPDV GH
RUJDQL]DomR TXH VmR DVVRFLDWLYDV H DXWRJHVWLRQDULRV SRU HODV WHUHP VXUJLGR D SDUWLU GH XPD
GHPDQGDHVSHFtILFDOHYDQGRD76DREMHWLYDUXPDQRYDWHFQRORJLDXPDLQRYDomR3DUDLVVR
GHYH KDYHU XPD DSURSULDomR GR SURFHVVR GH GHVHQYROYLPHQWR GD WHFQRORJLD QHFHVViULD GR
WUDEDOKRHDVVLPGRHPSUHHQGLPHQWR
2 GHVHQYROYLPHQWR DWXDO GD HFRQRPLD VROLGiULD TXH Mi PRVWURX KLVWRULFDPHQWH VXD
FDSDFLGDGH GH VXSHUDomR GH VLWXDo}HV GH H[FOXVmR VRFLDO H HFRQ{PLFD EDVHLDVH HQWmR QD
GLVVHPLQDomRGD76FRPRIRUPDGHLPSOHPHQWDUDHFRQRPLDVROLGiULD 6,1*(5D
eLPSRUWDQWHVDOLHQWDUVHJXQGR'DJQLQR TXHQRkPELWRGDV76RUHVSRQViYHO
SHORILQDQFLDPHQWRHGHVHQYROYLPHQWRVRFLRWpFQLFRpR(VWDGRLPSDFWDQGRDVVLPQDUHODomR
GHVWHFRPDFLrQFLDHDWHFQRORJLDHIDYRUHFHQGRXPVLVWHPDQRTXDOVHMDSULRUL]DGD³>@D
QHFHVVLGDGH GH SDUWLFLSDomR S~EOLFD SDUD R DYDQoR GD FLrQFLD HP FRQVRQkQFLD FRP RV
LQWHUHVVHVHQHFHVVLGDGHGDVRFLHGDGH´ 0(==$&$33$=$1,1
0H]]DFDSSD H =DQLQ UHODFLRQDP D 76 FRP R PRGHOR GH 7HRULD &UtWLFD GH
)HHQEHUJ SRU DPEDV VHUHP SDXWDGDV QD YLVmR GH FLrQFLD QmR QHXWUD FRP SURJUHVVR
FRQWURODGR(ODVFRQWULEXHPFRPDFRQFHSomRGHFLrQFLDTXHYLVDREHPHVWDUVRFLDODTXDO
HVWi VH FRQVWUXLQGR HP XP SHUtRGR HP TXH VH LQWHQVLILFD D FUtWLFD j SUiWLFD LPLWDWLYD GRV
PRGHORVGHSROtWLFDVS~EOLFDVGHIHQGHVHRHQIRTXHQDFLRQDOHORFDOEHPFRPRDKLVWyULDTXH
RHQYROYHHSRVVLELOLWDVHDFRQVLGHUDomRGDVFXOWXUDVQHFHVVLGDGHVHUHFXUVRVSDUWLFXODUHVGH
FDGDSRSXODomRLQFOXLQGRRFRQKHFLPHQWRQDFRQVWUXomRFLHQWtILFD
&RQVLGHUDQGR D UHODomR GDV XQLYHUVLGDGHV FRP RV ((6 FRPR IDYRUHFHGRUD GH XP
GHVHQYROYLPHQWR HTXLOLEUDGR HODV SRGHP FRQWULEXLU FRP XP GRV GHVDILRV GD HFRQRPLD
VROLGiULDDWXDLVJDUDQWLURGHVHQYROYLPHQWRGH((6DWUDYpVGDXWLOL]DomRGH76
2V UHVXOWDGRV GHVWD UHODomR XQLYHUVLGDGHV((6 GHSHQGHP GD IRUPD GH FRQFHSomR GD
FLrQFLDSRUSDUWHGRVDFDGrPLFRVSHVTXLVDGRUHV$DSURSULDomRWHFQROyJLFDSRUSDUWHGRV((6

p WmR LPSRUWDQWH TXDQWR D IRUPD FRPR HOHV VH RUJDQL]DP '$*1,12 3DUD RV
HPSUHHQGLPHQWRVGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLVDUHDOLGDGHQmRpGLIHUHQWHHPUHODomR
DLVVR
'H DFRUGR FRP SHVTXLVD IHLWD SRU =DQLQ H *XWLHUUH] QR $WODV GH (FRQRPLD
6ROLGiULD %5$6,/ QR%UDVLOLQWHLURH[LVWHP((6VHQGRTXHGHVWHVVmR
GHFROHWDHWULDJHPGHUHVtGXRV'HVVHWRWDOGHHPSUHHQGLPHQWRVGHFDWDGRUHV PDLVGH
HVWmR FRQFHQWUDGRV QR HVWDGR GH 6mR 3DXOR RV SRVVXHP PDLV GH FDWDGRUHV
LQVHULGRV
2VHPSUHHQGLPHQWRVGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLVSRVVXHPGLYHUVRVGHVDILRV
HP VXD HVWUXWXUDomR 8P GHOHV p VH DSURSULDU GH WHFQRORJLDV DGHTXDGDV H DFHVVtYHLV SDUD
RUJDQL]DUGLYHUVRVVHJPHQWRVGHVHXWUDEDOKR2XWURpDGLILFXOGDGHGHLQVHUomRQRPHUFDGR
GDUHFLFODJHPTXHGHPDQGDGLYHUVDVKDELOLGDGHVHWpFQLFDVDOpPGHHTXLSDPHQWRVHRXWURV
UHFXUVRVItVLFRV$GLILFXOGDGHGRH[HUFtFLRGDDWLYLGDGHHFRQ{PLFDGDVFRRSHUDWLYDVUHPHWH
VHDDOJXPDVFRUUHODo}HVGHIRUoDVFRPR

>@DIDOWDGHHQWHQGLPHQWRSRUSDUWHGRVFDWDGRUHVGDFDGHLDSURGXWLYDGD
UHFLFODJHP SULQFLSDOPHQWH QR TXH GL] UHVSHLWR DRV DWRUHV HQYROYLGRV H RV
SDSpLVTXHHOHVGHVHPSHQKDPQDFDGHLDDMXVDQWHHDPRQWDQWHGDDWLYLGDGH
GRV FDWDGRUHV R GHVFRQKHFLPHQWR GR DPELHQWH GRV QHJyFLRV H GDV
WHFQRORJLDVH[LVWHQWHVHQWUHRXWURV =$1,10Ð1$&2

'HVVH PRGR SRGHVH UHIOHWLU TXH R VXFHVVR GH XP HPSUHHQGLPHQWR QmR GHSHQGH
VRPHQWH GHOH PDV GH GLYHUVRV IDWRUHV TXH HQYROYHP SROtWLFDV S~EOLFDV H R DFHVVR D
WHFQRORJLDVHFRQKHFLPHQWRV *87,(55(==$1,1 'HTXDOTXHUIRUPDDHODERUDomR
GHSROtWLFDVS~EOLFDVHRDFHVVRHGRPtQLRGHWHFQRORJLDVQHFHVViULDVVyVmRSRVVtYHLVTXDQGR
R FDWDGRU VH DSURSULDU GRV FRQKHFLPHQWRV QHFHVViULRV SDUD WDO e QHFHVViULR TXH HOH WHQKD
SOHQDFRQVFLrQFLDGDQDWXUH]DGHVHXHPSUHHQGLPHQWRHGHVHXWUDEDOKRGDVKLVWyULDVTXHRV
HQYROYHP H GR FRQWH[WR DWXDO 2V DSRLDGRUHV SRGHP VHU HVVHQFLDLV QHVVH SURFHVVR GH
GHVHQYROYLPHQWR
$ $GHTXDomR 6RFLRWpFQLFD $67 p XPD DOWHUQDWLYD GH LQYHVWLPHQWR SDUD TXH HVVHV
HPSUHHQGLPHQWRVFRQVLJDPDWLQJLUVXDHVWDELOLGDGHVHQGRTXHHODSRGHVHUGHILQLGDFRPR

>@XPSURFHVVRLQYHUVRDRGDFRQVWUXomRHPTXHXPDUWHIDWRWHFQROyJLFR
VRIUHULDXPSURFHVVRGHDGHTXDomRDRVLQWHUHVVHVSROtWLFRVGHJUXSRVVRFLDLV
UHOHYDQWHVGLVWLQWRVGDTXHOHVTXHRRULJLQDUDP'HILQLGRFRPRXPSURFHVVR
HQmRFRPRXPUHVXOWDGR XPDWHFQRORJLDGHVLQFRUSRUDGDRXLQFRUSRUDGDHP
DOJXPDUWHIDWR >@D$67VXEVWLWXLDLGHDOL]DomRWtSLFDGRODERUDWyULRSHOD
SUiWLFDFRQFUHWDGRVPRYLPHQWRVVRFLDLV 129$(6',$6S

$$67SURS}HXPDUHOHLWXUDHPUHODomRjXWLOL]DomRGHWHFQRORJLDVFRQYHQFLRQDLVGH
IRUPDTXH HVWDVVmR DGDSWDGDVjUHDOLGDGHGRHPSUHHQGLPHQWRTXHYDLXWLOL]iOD'HDFRUGR
FRP *XWLHUUH] H =DQLQ D $67 p FRQWUiULD j LGHLD GHWHUPLQLVWD GH TXH R
GHVHQYROYLPHQWRGHXPDWHFQRORJLDFRPSDWtYHOFRPDQHFHVVLGDGHGHSHQGHGHXPDPXGDQoD
VRFLDO
$VVLP 1RYDHV H 'LDV S FRQWLQXDP DX[LOLDQGR QR HQWHQGLPHQWR VREUH D
$67DSRQWDQGRTXHHODSRGHVHU

>@ XP SURFHVVR SDUWLFLSDWLYR TXH EXVFD SURPRYHU QR LQWHULRU GRV
HPSUHHQGLPHQWRV GD (FRQRPLD 6ROLGiULD XP UHSURMHWDPHQWR GR
FRQKHFLPHQWR FLHQWtILFR H WHFQROyJLFR HVWHMD HOH Mi LQFRUSRUDGR HP
HTXLSDPHQWRVLQVXPRVHIRUPDVGHRUJDQL]DomRGDSURGXomRRXDLQGDVRED
IRUPD LQWDQJtYHO H PHVPR WiFLWD DR LQWHUHVVHV GRV DWRUHV TXH GHOHV
SDUWLFLSDP2XVHMDXPSURFHVVRTXHOHYHDXPDDGHTXDomRQmRDSHQDVDRV
UHTXLVLWRV H ILQDOLGDGHV GH FDUiWHU WpFQLFRHFRQ{PLFR FRPR DWp DJRUD WHP
VLGR R XVXDO PDV DR FRQMXQWR GH DVSHFWRV GH QDWXUH]D VRFLRHFRQ{PLFD H
DPELHQWDO TXH FRQVWLWXHP D UHODomR &LrQFLD 7HFQRORJLD H 6RFLHGDGH
129$(6',$6S

(VWDDGHTXDomRGHYHVHUIHLWDFRQVLGHUDQGRWDQWRRFDUiWHUWpFQLFRHFRQ{PLFRTXDQWR
R VRFLRHFRQ{PLFR H R DPELHQWDO $ $67 WHQGR FRPR REMHWLYR DGHTXDU D WHFQRORJLD
FRQYHQFLRQDO 7& FRQWULEXL SDUD R GHVHQYROYLPHQWR GDV 76 Mi TXH D 7& QHVWH SURFHVVR
DGDSWDWLYR p GHVFRQVWUXtGD H UHRUJDQL]DGD HP IRUPD GH 76 3DUD DOFDQoDU HVVH UHVXOWDGR D
SDUWLFLSDomR GR WUDEDOKDGRU GHYH VHU GHPRFUiWLFD D YLGD ~WLO GRV PDTXLQiULRV GHYH VHU
SURORQJDGDHRPHLRDPELHQWHGHYHVHUFRQVLGHUDGRDVVLPFRPRDVD~GHGRWUDEDOKDGRUHD
FDSDFLWDomRDXWRJHVWLRQiULD '$*1,12%5$1'2129$(6
$V 7& DTXL FLWDGDV EDVHLDPVH QR PRGHOR GH SURGXomR FDSLWDOLVWD XWLOL]DGRU GDV
PiTXLQDV '$*1,12 ³'HYLGRDRIDWRGHREMHWLYDUROXFURHDFRPSHWLWLYLGDGHD7&
QmRSHUPLWHDSDUWLFLSDomRS~EOLFDHPVXDIRUPXODomR´ 0(==$&$33$=$1,1
'DJQLQR %UDQGmR H 1RYDHV GHILQHP PRGDOLGDGHV GH $67 FRQIRUPH
DSUHVHQWDGRDVHJXLU

D 8VRXWLOL]DVHDWHFQRORJLDDVVLPFRPRQDHPSUHVDFRQYHQFLRQDOSRUpPRUHFXUVR
ILQDQFHLUR JHUDGR p GLYLGLGR GH IRUPD D UHVSHLWDU RV SULQFtSLRV GD HFRQRPLD
VROLGiULDHGRFRRSHUDWLYLVPR
E $SURSULDomR QmR Ki PRGLILFDomR GR XVR SDOSiYHO GD WHFQRORJLD PDV HOD VH
WRUQDSDUWHGRSURFHVVRVHQGRDSURSULDGDSHORFRRSHUDGR

F $MXVWH DR SURFHVVR GH WUDEDOKR R SURFHVVR GH WUDEDOKR GHYH VHU DMXVWDGR j
RUJDQL]DomR FRRSHUDWLYLVWD HFRQ{PLFRVROLGiULD TXHVWLRQDQGRVH D GLYLVmR WpFQLFD
GRWUDEDOKR
G 5HYLWDOL]DomRRXUHSRWHQFLDPHQWRGDVPiTXLQDVHHTXLSDPHQWRVDo}HVUHIHUHQWHVj
PDQXWHQomRRXUHSRVLomRGHPDTXLQiULRV
H $OWHUQDWLYDVWHFQROyJLFDVSDUDVXSULUDVGHPDQGDVGRVHPSUHHQGLPHQWRVSRU$67
pQHFHVViULRXWLOL]DUWHFQRORJLDVDOWHUQDWLYDVjVGLWDVFRQYHQFLRQDLV
I ,QFRUSRUDomRGHFRQKHFLPHQWRFLHQWtILFRWHFQROyJLFRH[LVWHQWHQHFHVVLGDGHGH
LQFRUSRUDU QRYRV SURFHVVRV SURGXWLYRV D SDUWLU GH FRQKHFLPHQWRV FLHQWtILFR
WHFQROyJLFRVH[LVWHQWHV
J ,QFRUSRUDomRGHFRQKHFLPHQWRFLHQWLILFRWHFQROyJLFRQRYRSHODQmRH[LVWrQFLD
GHSURFHVVRVQHFHVViULRVWRUQDVHHVVHQFLDOSURGX]LUQRYRVFRQKHFLPHQWRV

$VPRGDOLGDGHVEIHJVmRLPSRUWDQWHVSDUDHVWHHVWXGRSRLVDEDUFDPDQHFHVVLGDGH
GHDTXLVLomRGHQRYRV FRQKHFLPHQWRVH DSURSULDomRGHVWHVSHORVPHPEURVGHXP((6SDUD
TXHHOHVHGHVHQYROYD$LQGDPDLVSDUDTXHRHPSUHHQGLPHQWRUHDOPHQWHVHMDFDUDFWHUL]DGR
FRPR HFRQ{PLFRVROLGiULR p QHFHVViULR D DSURSULDomR GRV FRRSHUDGRV VREUH RV SULQFtSLRV
HFRQ{PLFRVROLGiULRV H R TXH LVVR VLJQLILFD EHP FRPR D LQFRUSRUDomR GH QRYRV SURFHVVRV
SURGXWLYRVQRTXHpSRVVtYHOLQFOXLUWpFQLFDVTXHFRQWULEXDPSDUDDRUJDQL]DomRGRWUDEDOKR
$IRUPDFRPRVmRUHDOL]DGDVDVSDUFHULDVRVFRQWDWRVFRPXQLYHUVLGDGHVHFHQWURVGH
SHVTXLVD UHPHWHVH D TXDO FDPLQKR HVVH HPSUHHQGLPHQWR VHJXLUi SDUD VH GHVHQYROYHU HP
EXVFD GD HVWDELOLGDGH H R TXmR HVWDUi PDLV RX PHQRV SUy[LPR GHVVD HVWDELOLGDGH (VWD
FRQGLomRUHPHWHVHjUHIOH[mRGHTXHHPFRQMXQWRRVHTXLSDPHQWRVDVUHODo}HVGHWUDEDOKRH
RV FRQKHFLPHQWRV DGTXLULGRV SHORV FRRSHUDGRV GLWDUmR D PDWXULGDGH GHVVH HPSUHHQGLPHQWR
HPUHODomRDVHUGHHFRQRPLDVROLGiULD
$VVLPD$67WDPEpPVHUHODFLRQDjIRUPDGHRUJDQL]DomRGRSURFHVVRGHWUDEDOKR
HPWHUPRVGHGHILQLo}HVGHIXQo}HVGHSRVVLELOLWDUDTXLVLomRGHFRQKHFLPHQWRVHHVWDEHOHFHU
UHODo}HVGHWUDEDOKRKRUL]RQWDLVHPYLDVGHDOFDQoDUDDOPHMDGDDXWRJHVWmR$IRUPDFRPRD
$67 p DSURSULDGD SHORV FRRSHUDGRV UHVXOWDUi HP GHWHUPLQDGD UHODomR GH WUDEDOKR H HVVD
UHODomRVHUiUHVSRQViYHOSRUSRVVtYHLVLQIOXrQFLDVQDYLGDGRWUDEDOKDGRU
4XDQGR VH SHQVD HP SURFHVVRV HP UHODo}HV HP RUJDQL]Do}HV GHQWUR GH XP FDPSR
WHFQROyJLFRSRGHPVHUWUDoDGRVSDUDOHORVFRPFRQFHLWRVGHWHFQRORJLDXWLOL]DGRVQDiUHDGD
VD~GHFRPRWHFQRORJLDOHYHHWHFQRORJLDOHYHGXUD

1R FRQWH[WR GD VD~GH D WHFQRORJLD OHYH p FRQVLGHUDGD QR FDPSR UHODFLRQDO QD
LQWHUDomRHQWUHWUDEDOKDGRUHVGDiUHDHXVXiULRVGRVVHUYLoRVVHMDPHVWHVXVXiULRVLQGLYLGXDLV
RXFROHWLYRVUHSXWDQGRDIRUPDGHDJLUHPEXVFDGRFXLGDUeFRQVLGHUDGDQHVVHSURFHVVRD
VLQJXODULGDGHGHDomRGHFDGDWUDEDOKDGRUMiTXHFDGDPRPHQWRSRGHGHPDQGDUGHWHUPLQDGDV
HGLIHUHQWHVLQWHUYHQo}HV 0(5+<
$V WHFQRORJLDV OHYHV VmR QHFHVViULDV DR VHU KXPDQR SRLV KLVWRULFDPHQWH R VHWRU GD
VD~GH IRL GHVHQYROYLGR D SDUWLU GH LQWHUHVVHV HFRQ{PLFRV GH JUXSRV FRUSRUDWLYRV TXH
SULRUL]DYDP WHFQRORJLDV GXUDV H OHYHGXUDV LQVWUXPHQWRV H WpFQLFDVSURFHGLPHQWRV SUp
HVWDEHOHFLGRV SRUpPRWUDEDOKRHPVD~GHSDUWHGHXPSULQFtSLRUHODFLRQDOHQmRVRPHQWHGH
LQVWUXPHQWRV H FRQKHFLPHQWR WpFQLFR Mi TXH R WUDEDOKR UHODFLRQDO RFRUUH HQTXDQWR p
SURGX]LGRQRDWRGDLQWHUYHQomR 0(5+<
1DiUHDGDVD~GHFRQVLGHUDVHHQWmRTXHDWHFQRORJLDSRGHSURGX]LUEHQVHSURGXWRV
TXH QmR VmR QHFHVVDULDPHQWH SDOSiYHLV PDV TXH SRGHP VHU LQWDQJtYHLV 1D SURPRomR GH
FXLGDGRHPVD~GHUHSXWDVHTXHQDSURGXomRGHVVDVUHODo}HVRLQGLYtGXRRXDVFROHWLYLGDGHV
DWHQGLGDVSRGHP³>@UHVJDWDUDVXDVLQJXODULGDGHDXWRQRPLDHFLGDGDQLD´ 6,/9$$/9,0
),*8(,5('2S
(VWDVFRQVLGHUDo}HVVREUHHVWHVWLSRVGHWHFQRORJLDVmRGLIXQGLGDVHGHVHQYROYLGDVHP
SHVTXLVDVGDiUHDGHVD~GHHVWmRVHQGRDTXLFRORFDGDVSHORIDWRGHTXHDOJXPDVVHPHOKDQoDV
IRUDPREVHUYDGDVHQWUHRVFDPSRVGHSHVTXLVD
4XDQGRVmRDERUGDGDVDVUHODo}HVHQWUHDSRLDGRUHVJRYHUQRHWUDEDOKDGRUHVpVHPSUH
IULVDGRTXHGHSHQGHQGRGHFRPRHODVRFRUUHPSURGX]HPGHWHUPLQDGRVHYDULDGRVUHVXOWDGRV
(VWDV UHODo}HV GHSHQGHP GR PRPHQWR FRQWH[WXDO H VmR VHPSUH PXWiYHLV &RQVLGHUDU TXH Mi
H[LVWH XP FRQKHFLPHQWR SUHYLDPHQWH HODERUDGR SDUD UHVROYHU GHWHUPLQDGDV VLWXDo}HV VHULD
³PDWDU´ D SRVVLELOLGDGH GH UHVROYrODV GD PHOKRU PDQHLUD DSULPRUDQGR SURFHVVRV H
DGDSWDQGRRV jV UHDOLGDGHV DSUHVHQWDGDV TXH WDPEpP VmR YDULiYHLV GHYLGR DRV GLYHUVRV
IDWRUHVTXHDVHQYROYHPFRPRTXDGURSROtWLFRHHFRQ{PLFRQDFLRQDOHLQWHUQDFLRQDOUHFXUVRV
GLVSRQtYHLVHWF
3DUD TXH RV WUDEDOKDGRUHV WHQKDP D SRVVLELOLGDGH GD DXWRQRPLD p QHFHVViULR TXH DV
UHODo}HVFRPDSRLDGRUHVHJRYHUQRVHMDPGHVHQYROYLGDVGHPDQHLUDQmRSUpGHWHUPLQDGDSRU
WpFQLFDV H LQVWUXPHQWRV PDV TXH VHMD SRVVLELOLWDGD D DGHTXDomR GR PRPHQWR jV GHPDQGDV
DSUHVHQWDGDV
(VWDGHVFULomRFDEHSHUIHLWDPHQWHDRPRGRGHDJLUHVSHUDGRSHORFDPSR&76GRVHX
SHVTXLVDGRU TXH QmR VH SDXWH VRPHQWH HP FRQKHFLPHQWRV SUpHVWDEHOHFLGRV PDV VLP QR
FRQWDWR FRP D SRSXODomR SHVTXLVDGD SRLV DTXHOH FRQWDWR LQGLFDUi R ³ID]HU´ GD SHVTXLVD

GHOLPLWDUiVHXVHQFDPLQKDPHQWRVHLPSRUWkQFLDVRFLDO$JLQGRDVVLPRSHVTXLVDGRU QRFDVR
GD SURGXomR FLHQWtILFD HP VL HRX RV DSRLDGRUHV QR FDVR GR GHVHQYROYLPHQWR GH $6776
SRGHUmRFRQWULEXLUSDUDDDTXLVLomRGHDXWRQRPLDGDSRSXODomRSHVTXLVDGDHRXDSRLDGD
1R FDVR GRV ((6 H GD HFRQRPLD VROLGiULD DV $67 SRVVLELOLWDQGR D FRQVWLWXLomR GH
76FRQWULEXHPSDUDTXHRVSULQFtSLRVGRFDPSR&76TXHGHIHQGHPRGHVHQYROYLPHQWRGH
FLrQFLDV H WpFQLFDV YROWDGDV D FRQWULEXLU FRP D FRQVWUXomR GH SURFHVVRV FRQMXQWRV TXH
PHOKRUHP R PHLR VRFLDO HP JHUDO SHQVDQGR QR DPELHQWH QR LQGLYtGXR H QD VRFLHGDGH
%$==2 /,16,1*(13(5(,5$ / HQFRQWUHPXPPHLRGHVHWRUQDUHPSUiWLFRV
1HVVHVHQWLGRHODVFRQWULEXHPWDPEpPFRPXPGRVGHVDILRVGRFDPSR&76RGHHQFRQWUDU
PHLRV GH HQYROYHU D SRSXODomR QR GHVHQYROYLPHQWR H UHJXODomR GDV FLrQFLDV H WHFQRORJLDV
DGHTXDGDVSDUDUHVSRQGHUjVGHPDQGDVVRFLDLV(PRXWURVHQWLGRRFDPSR&76HDSHUFHSomR
GD H[LVWrQFLD GH WHFQRORJLDV QmR WDQJtYHLV SRWHQFLDOL]DP D SRVVLELOLGDGH GH DSURSULDomR GH
FRQKHFLPHQWRV SRU SDUWH GRV WUDEDOKDGRUHV GH ((6 H QD EXVFD GD DXWRJHVWmR GRV
HPSUHHQGLPHQWRV EHP FRPR DV SDUFHULDV SURSRVWDV SHORV DSRLDGRUHV H D FRQTXLVWD GR
FRQWUROHVRFLDOSHUDQWHR(VWDGR
6LQJHU FRQVLGHUDTXHDRUJDQL]DomRGH((6SURPRYHµUHYROXo}HVORFDLV¶TXH
UHVXOWDP GHQWUH RXWUDV FRLVDV QD PXGDQoD GH UHODFLRQDPHQWR GRV FRRSHUDGRV HQWUH HOHV
PHVPRVEHPFRPRFRPDIDPtOLDFRPRVYL]LQKRVFRPDXWRULGDGHVS~EOLFDVLQWHOHFWXDLV
GHQWUHRXWUDV
(VWH SHQVDPHQWR GH 6LQJHU VH UHPHWH DR UHODFLRQDPHQWR GR FRRSHUDGR HQTXDQWR
LQGLYtGXR FRP R PHLR IDPLOLDU H R VRFLDO TXH LQFOXL RXWURV UHODFLRQDPHQWRV SHVVRDLV
SROtWLFRV H LQWHOHFWXDLV 2 )%(6 FRQVLGHUD TXH D HFRQRPLD VROLGiULD p LPSRUWDQWH SDUD R
DVSHFWR LQWHUJHUDFLRQDO SRLV SRVVXL FRPR XP GH VHXV IXQGDPHQWRV R GHVHQYROYLPHQWR
VXVWHQWiYHORTXHWDPEpPHQJOREDDVIRUPDVGHUHODomRDFLPDFLWDGDV
(VWDV UHODo}HV GD HFRQRPLD VROLGiULD FRP D IDPtOLD VmR UHIRUoDGDV SHOR DFHVVR GDV
IDPtOLDVGHFRRSHUDGRVjVSROtWLFDVS~EOLFDVHVHUYLoRVSURSLFLDGRSHODRUJDQL]DomRVROLGiULD
TXHHQYROYHDFRRSHUDomRHQWUHVHXVGLYHUVRVDWRUHVHDLQFOXVmRHFRQ{PLFRVRFLDO
(P UHODomR DRV FDWDGRUHV GH PDWHULDLV UHFLFOiYHLV D UHDOLGDGH p D PHVPD VHQGR
LQWHUHVVDQWH REVHUYDU TXH QD &%2 QD TXDO VmR DSUHVHQWDGDV DV IXQo}HV TXH RV FDWDGRUHV
GHYHP GHVHQYROYHU FRQVWD D QHFHVVLGDGH GH RUJDQL]DU FXUVRV GH FDSDFLWDomR WDQWR SDUD RV
SUySULRV FRRSHUDGRV TXDQWR SDUD RV IDPLOLDUHV ,VWR GHPRQVWUD D SUHRFXSDomR GD HFRQRPLD
VROLGiULDHPVHSURSDJDUDWUDYpVGDVJHUDo}HVSRVVLELOLWDGRXPGHVHQYROYLPHQWRLQWHJUDGRGH
VHXVSULQFtSLRVHQmRDSHQDVDLQVHUomRHFRQ{PLFDGRFDWDGRU

$ IDPtOLD p PHQFLRQDGD HP DOJXQV WH[WRV VREUH HFRQRPLD VROLGiULD SRUpP DV
SRWHQFLDOLGDGHVGDUHODomRGRWUDEDOKRFRRSHUDWLYRGRFDWDGRUGHPDWHULDLVUHFLFOiYHLVHVXD
GLQkPLFDIDPLOLDUQmRSRVVXHPPXLWRVGHVHQYROYLPHQWRV3RUpPHVWDUHODomRpLPSRUWDQWH
SRLVSRVVLELOLWDDYHULJXDUVHKiHFRPRRFRUUHPDVLQIOXrQFLDVGDHFRQRPLDVROLGiULDQDYLGD
IDPLOLDU
8PDIRUPDGHUHDOL]DUHVVDDSUR[LPDomRp FRQVLGHUDUDLQIOXrQFLDGRWUDEDOKRQHVVD
GLQkPLFD IDPLOLDU H D SDUWLU GLVWR GHVHQYROYHU FRPR R WUDEDOKR HFRQ{PLFRVROLGiULR
LQIOXHQFLDQHVVDGLQkPLFDDSDUWLUGDVXDIRUPD GHRUJDQL]DomR DTXDOGHSHQGHGHGLYHUVRV
IDWRUHVGHQWUHRVTXDLVHVWiDIRUPDFRPRDVWHFQRORJLDVIRUDPGHVHQYROYLGDVHDSURSULDGDV
SHOR((6FRQVLGHUDQGRVXDUHODomRFRPDSRLDGRUHVFRPRDXQLYHUVLGDGH
(VWD UHODomR GD IDPtOLD FRP D WHFQRORJLD YDL DOpP GHVVD DSURSULDomR YLVWR TXH
DWXDOPHQWHFRQWLQXDRFRUUHQGRDRUJDQL]DomRGHSHVVRDVHP((6EXVFDQGRDLQFOXVmRVRFLDOH
D GLPLQXLomR GH VLWXDo}HV GH SREUH]D TXH VmR KHUDQoD GR GHVHQYROYLPHQWR WHFQROyJLFR
GHVHQIUHDGRSURYRFDGRSHODYLVmRGHWHUPLQLVWDGHFLrQFLDHWHFQRORJLD

',1Æ0,&$)$0,/,$5(75$%$/+2

',1Æ0,&$)$0,/,$5

$ IDPtOLD SRGH VHU FRQVLGHUDGD FRPR XP VLVWHPD VRFLRFXOWXUDO DEHUWR TXH HVWi
GHIURQWH DV SRVVLELOLGDGHV GH PXGDQoDV YLQGDV GH IDWRUHV LQWHUQRV RX H[WHUQRV (OH SRVVXL
QHFHVVLGDGHV GH PXGDQoDV H FDSDFLGDGH SDUD LVVR PDV HQTXDQWR VH DGDSWD H PXGD DLQGD
GHWpPXPDFRQWLQXLGDGH1HVVHVLVWHPDFDGDLQWHJUDQWHWHPXPSDSHOIL[RTXHSRVVXLXPD
IOH[LELOLGDGH HP UHODomR j H[SHFWDWLYD TXH VH WHP VREUH HOH 1HVVD IRUPD GH IXQFLRQDU
HQFRQWUDPVHDGHQRPLQDGDGLQkPLFDHDVD~GHIDPLOLDU 0,18&+,1),&+0$1
&RQVLGHUDQGR XP LQGLYtGXR HP XP FRQWH[WR IDPLOLDU ± R TXDO SRVVXL SDSpLV
HVSHFtILFRVQDYLGDIDPLOLDUHQDVRFLDOHQWHQGHVHTXHDKLVWyULDGRLQGLYtGXRp~QLFDTXH
HOHpLQVHULGRHPXPPHLRIDPLOLDUWDPEpP~QLFRPDVTXHHOHVHFRQWH[WXDOL]DVRFLDOPHQWH
3h6&+(// ,'( &+$9(6 $VVLP D IDPtOLD SRVVXL XPD FDUDFWHUtVWLFD
VRFLRGLQkPLFD TXH YLYHQFLD XPD OXWD HQWUH VXDV FDUDFWHUtVWLFDV LQWHUQDV H DV LQIOXrQFLDV
H[WHUQDV(VVDFDUDFWHUtVWLFDIDPLOLDUSRGHPXGDUGHDFRUGRFRPDIRUPDGHUHODFLRQDPHQWR
H[LVWHQWH HQWUH RV IDWRUHV LQWHUQRV H H[WHUQR R TXH p LQIOXHQFLDGR SHOR PRPHQWR FRQWH[WXDO
YLYHQFLDGRSHODIDPtOLD 6(,;$6
6REUH DV IDPtOLDV HQTXDQWR LQVWLWXLo}HV QDV TXDLV VHXV PHPEURV VH UHODFLRQDP FRP
RXWUDV LQVWLWXLo}HV VRFLDLV UHSXWDVH FRPR LPSRUWDQWH FRQKHFHU VXD UHDOLGDGH H FRQWH[WR
YLYHQFLDOSDUDHQWHQGHUVXDGLQkPLFD3RUHVVDSHUVSHFWLYDSRGHVHFRQVLGHUDUDIDPtOLDFRPR
XPSRQWRGHSDVVDJHPHQWUHRLQGLYtGXRHDVRFLHGDGH 7$5$0'$&+
$V FDUDFWHUtVWLFDV UHODWLYDV j GLQkPLFD IDPLOLDU GHSHQGHP GH FRPR D IDPtOLD VH
UHODFLRQDHGHFRPRVHXVPHPEURVVHFRPSRUWDPXQVFRPRVRXWURVFRQVLGHUDQGRFRPRVH
FRQVWLWXHP DV DWLYLGDGHV GLiULDV TXH VH UHPHWHP j URWLQD IRUPD LQVWUXPHQWDO H FRPR VH
GHVHQYROYHD FRPXQLFDomRLQWHUQDDV H[SUHVV}HVPDQLIHVWDV IRUPDH[SUHVVLYD $1*(/2

'HVVHPRGRDIDPtOLDpXPVLVWHPDTXHSRVVXLRFRUUHQGRHPVHXLQWHULRUDYLYrQFLD
GH SHVVRDV HP XP HVSDoR ItVLFR FRPXP FRP D PDQXWHQomR GH UHODo}HV VLJQLILFDWLYDV
&(59(1< (ODpXP~QLFRJUXSRIRUPDGRSRUGLIHUHQWHVLQGLYtGXRVSRVVXLGRUHVGH
FRPSRUWDPHQWRVLQWHUGHSHQGHQWHV1DVSDODYUDVGH&HUYHQ\ S FRPSUHHQGHVHTXH
³>@FDGDPHPEURGRVLVWHPDLQIOXHQFLDRVRXWURVVHQGRDRPHVPRWHPSRLQIOXHQFLDGRSRU
HOHV(VVDVLQIOXrQFLDVP~WXDVVmRRFRWLGLDQRGDYLGDIDPLOLDU´

&RQVLGHUDQGRDYLVmRGHTXHDIDPtOLDpXPVLVWHPD³LQVHULGRHP´H³UHODFLRQDGRD´
RXWURVVLVWHPDVRJUXSRIDPLOLDUSRGHVHUDSUHVHQWDGRFRPGLYHUVDVFRQILJXUDo}HVWDLVTXDLV
³IDPtOLDGHRULJHPIDPtOLDH[WHQVDIDPtOLDQXFOHDUIDPtOLDVXEVWLWXWDIDPtOLDPRQRSDUHQWDO
GHQWUHRXWUDV´ $5$Ò-2S
2SULPHLURWLSRpRGHPDUFDGRSRUODoRVVDQJXtQHRVDIDPtOLDH[WHQVDUHPHWHVH DR
SDUHQWHVFR VDQJXtQHR H SRU DILQLGDGH &(59(1< D QXFOHDU UHIHUHVH DR JUXSR
FRPSRVWR GH SDLV H ILOKRV FRP ODoRV ELROyJLFRV D IDPtOLD VXEVWLWXWD FDUDFWHUL]DVH SRU VHU
FRPSRVWDSRUSHVVRDVVHPODoRVVDQJXtQHRVRXGHSDUHQWHVFRHDPRQRSDUHQWDOpFRQVWLWXtGD
SHODSUHVHQoDGHVRPHQWHXPSURJHQLWRUHILOKRV $5$Ò-2 eLPSRUWDQWHUHIRUoDUTXH
PHVPRFRPDYDULHGDGHGHFRQILJXUDo}HVWRGDVVmRFRQVLGHUDGDVFRPRIDPtOLDV
$IDPtOLDpXPHVSDoRGHSHUWHQoDSDUDRVXMHLWRTXHEXVFDVXDLQGLYLGXDOL]DomR(OD
SHUPLWHTXHRVXMHLWRFULHDOpPGHVXDLQGLYLGXDOLGDGHVXDSUySULDLGHQWLGDGHMiTXHHODp
WDPEpPXPHVSDoRGHDSUHQGL]DJHPTXHSHUPLWHDRVXMHLWRVHUGDIDPtOLDHDRPHVPRWHPSR
VHUHODFLRQDUFRPRTXHpH[WHUQR $5$Ò-2
$IDPtOLDHQTXDQWRLQVHULGDHPXPFRQWH[WRPDLRUHSDVVtYHOGHPXGDQoDVPHVPR
TXH SRVVXD GHWHUPLQDGDV TXDOLGDGHV IL[DV SRVVXL VXD GHILQLomR GHSHQGHQWH GH XP FRQWH[WR
PDLRUVHQGRTXHMiWHQWRXVHGHVFUHYrODGHGLYHUVDVIRUPDVDVTXDLVMiVHWUDQVIRUPDUDPDR
ORQJRGRWHPSR
5HIHULQGRVHjIRUPDSHFXOLDUGHFDGDIDPtOLDVHUHODFLRQDUHIXQFLRQDU$JRVWLQKRH
6DQFKH] S GHILQHP D GLQkPLFD IDPLOLDU FRPR ³>@ XP FRQMXQWR GH WURFDV GH
LQIOXrQFLDV HQWUH VHXV PHPEURV´ H TXH GHSHQGH GR PRPHQWR VRFLRHFRQ{PLFR HP TXH D
IDPtOLD HVWi LQVHULGD $WUDYpV GHOD YDULDP D IRUPD FRPR VmR RUJDQL]DGRV RV SDSpLV GRV
IDPLOLDUHV VHXV PRWLYRV H VXD KLHUDUTXLD EHP FRPR FRP HOD D SHVVRD VHUi FRQVWLWXtGD
HQTXDQWRVXMHLWR $5$Ô-2
)pUHV&DUQHLUR DSRQWD DOJXQV IDWRUHV IXQGDPHQWDLV SDUD TXH D GLQkPLFD
IDPLOLDURFRUUHGHQWUHRVTXDLVHVWmR
&RPXQLFDomRKDUPRQLRVDRULHQWDGRUDXWLOL]iYHODRTXHVHGHVWLQDHFRPFRQWH~GR
HPRFLRQD
5HJUDVFRHUHQWHVHPDOHiYHLV
/LGHUDQoDGHPRFUiWLFDRXVHMDFRPSDUWLOKDGDHQWUHJHQLWRUHVHILOKRV
$XWRHVWLPD
3RVVLELOLGDGHGHH[HUFHUDLQGLYLGXDOLGDGHPDVSUHVHUYDQGRDXQLGDGHIDPLOLDU

4XDQGR R LQGLYtGXR SHUFHEH R DSRLR SURYLGR SHOD IDPtOLD QR HQIUHQWDPHQWR GH
SUREOHPDVRHVWUHVVH pUHGX]LGRHREHPHVWDUSVLFROyJLFR pDXPHQWDGR &$0326
RXVHMDVHDIDPtOLDSRVVXLXPDSRVWXUDIDFLOLWDGRUDHODSRGHVHUFRQVLGHUDGDXPVLVWHPDGH
VXSRUWHHSURPRomRGHVD~GHPHQWDOSDUDRVVHXVPHPEURV2XVHMDHODSUHYLQHRVXUJLPHQWR
GHWUDQVWRUQRVPHQWDLV )e5(6&$51(,52 RXDLQGDGHVRIULPHQWRVSVtTXLFRV
&RQVLGHUDQGR R GHVHQYROYLPHQWR FDSLWDOLVWD SRGHVH UHIOHWLU VREUH R SURFHVVR GH
JOREDOL]DomRTXHHODWLUDFDGDYH]PDLVDDXWRQRPLDGRVGLYHUVRVVLVWHPDVVRFLDLVH[LVWHQWHV
QRPXQGR$VGLQkPLFDVIDPLOLDUHVLQVHUHPVHQHVVHFRQWH[WRVHQGRWDPEpPLQIOXHQFLDGDVMi
TXHGHSHQGHPGRVFRQWH[WRVVRFLDLVSDUDRFRUUHU )(51$1'(6
(QWHQGHVH HQWmR TXH QmR p SRVVtYHO FRPSUHHQGHU D IDPtOLD H DV PXGDQoDV TXH QHOD
RFRUUHP VH QmR FRQVLGHUDUPRV DV DOWHUDo}HV VRFLDLV TXH SRGHP DWLQJLU iUHDV HFRQ{PLFDV
FLHQWtILFDVWHFQROyJLFDVUHODFLRQDLVGHQWUHRXWUDV )(51$1'(6
$V Mi DSUHVHQWDGDV IDPtOLDV H[WHQVDV RX QXFOHDUHV VmR FRQVLGHUDGDV QHVVH FRQWH[WR
JOREDO FRPR XP GRV SULQFLSDLV HVSDoRV GH FRQYLYrQFLD VRFLDO Mi TXH DLQGD VmR RV PRGHORV
DOPHMDGRVSRUJUDQGHSDUWHGDSRSXODomRHSRVVXHPFRPREDVHGHDXWRQRPLDDLQVHUomRQR
PHUFDGR GH WUDEDOKR )(51$1'(6 0HVPR TXH DV FRQILJXUDo}HV IDPLOLDUHV VHMDP
YDULiYHLV HVWH p XP DVSHFWR TXH VH REVHUYD SHUPHDU RV GHVHMRV IDPLOLDUHV D HVWDELOLGDGH
HFRQ{PLFD
3RGHVHYLQFXODULVVRDRJrQHURHVXDUHODomRFRPDRUJDQL]DomRIDPLOLDU$LQGDTXH
DWXDOPHQWH DV UHODo}HV HQWUH FDVDLV WHQKDP PXGDGR SHOD FRQILJXUDomR VRFLRHFRQ{PLFD
FRQWLQXDµYDJDQGR¶XPDPtVWLFDVREUHRFDVDPHQWRPRQRJkPLFRTXHUHODFLRQDRKRPHPDR
WUDEDOKRHDPXOKHUDRFXLGDGRGDIDPtOLD(VVDKHUDQoDGHSHQVDPHQWRpUHIRUoDGDQRHVSDoR
GH WUDEDOKR R TXDO D PXOKHU FRQVHJXLX RFXSDU PDV DLQGD VRIUH FRP GLIHUHQFLDo}HV HP
UHODomR DRV KRPHQV SULQFLSDOPHQWH QD GLVWULEXLomR GH IXQo}HV H VDOiULRV 1(*5(,526
)e5(6&$5(,52
(VWDpXPDKHUDQoDFXOWXUDOPDLVUHODFLRQDGDjVFODVVHVPpGLDVTXHYLVDPjDVFHQVmR
HFRQ{PLFDHTXHpRIHUHFLGDjVRXWUDVFODVVHVFRPRDLGHDO2EVHUYDVHSRURXWURODGRTXHR
IXQFLRQDPHQWR GH XPD IDPtOLD GH FODVVHV FRQVLGHUDGDV SRSXODUHV GLIHUH HP UHODomR D HVVH
DVSHFWRGDLQVHUomRODERUDOQRVHQWLGRGHTXHHODRFRUUHGHDFRUGRFRPVXDVQHFHVVLGDGHVGH
VREUHYLYrQFLD 3RUpP HVVD YLVmR FRQYLYH FRP XPD QRYD FRQFHSomR GH IDPtOLD QD TXDO p
SHUPLWLGRTXHDVIXQo}HVGHVHXVPHPEURVRXWURUDYLVWDVFRPRLPXWiYHLVVHMDPSDVVtYHLVGH
PXGDQoDV 2X VHMD DV IDPtOLDV PRQRSDUHQWDLV VXEVWLWXWDV GHQWUH RXWUDV IRUPDV GH
RUJDQL]DomR SRVVtYHLV GH H[LVWLU SRVVLELOLWDP XP SOXUDO GH RUJDQL]DomR GH SDSpLV FRPR R
KRPHP VH WRUQDU GRQRGHFDVD D PXOKHU VHU R FKHIH GD IDPtOLD RV FDVDLV QmR SRVVXtUHP

ILOKRV HWF 3ULYLOpJLRV H YRQWDGHV SDVVDP D VHU FRPSDUWLOKDGRV QR JUXSR IDPLOLDU
1(*5(,526)e5(6&$5(,52
$ GLQkPLFD IDPLOLDU GHSHQGH HQWmR GH IDWRUHV LQWHUQRV H H[WHUQRV GD FXOWXUD
YLYHQFLDGD SHORV VHXV PHPEURV TXH FRQVWLWXHP XP ~QLFR VLVWHPD PDV TXH SRVVXHP
LQGLYLGXDOLGDGHV 2V SDSpLV FRQWLGRV DR PHVPR WHPSR HP TXH SRVVXHP XP FDUiWHU IL[R
FRPRSRUH[HPSORRGHVHUSDLRGHVHUPmHRGHVHUILOKRHWF VmRVXMHLWRVDPXGDQoDV
QDVIXQo}HVFRWLGLDQDV$VSRVVtYHLVUHODo}HVGHVHQYROYLGDVSRVVXHPXPKLVWyULFREDVHDGRQD
TXHVWmR GH JrQHUR TXH SRGHP VHU SHUSHWXDGDV RX DGDSWDGDV jV QRYDV SRVVLELOLGDGHV GH
RUJDQL]DomR ,VVR WXGR p SHFXOLDU GR JUXSR IDPLOLDU H p LQFOXtGR HP VXD GLQkPLFD &RPR D
IDPtOLDVRIUHLQIOXrQFLDVGHGLYHUVDVLQVWLWXLo}HVH[WHUQDVHVFROKHXVHUHIOHWLUVREUHRHVSDoR
GH WUDEDOKR TXH WHP SRWHQFLDO GH LQIOXHQFLDU QD LGHQWLGDGH GR LQGLYtGXR D TXDO p
SULPHLUDPHQWHFRQVWLWXtGDDSDUWLUGDVUHODo}HVIDPLOLDUHV

,1)/8Ç1&,$6'275$%$/+21$',1Æ0,&$)$0,/,$5

$V WUDQVIRUPDo}HV RFRUULGDV QD 6RFLHGDGH FDUDFWHUL]DGD EDVLFDPHQWH SHOD
WUDQVLomR GH XPD VRFLHGDGH LQGXVWULDO SDUDSyVLQGXVWULDOWrP H[LJLGR XPD
PDLRU UHIOH[mR VREUH D RUJDQL]DomR VRFLDO GR WUDEDOKR DV H[LJrQFLDV GH
QRYDV FRPSHWrQFLDV H VHXV UHIOH[RV QDV UHODo}HV VRFLDLV H QD IRUPDomR
LGHQWLWiULDGRVXMHLWR 2/,9(,5$S

$IUDVHDFLPDIRLSRVWDSDUDXPDSULPHLUDUHIOH[mRHPEXVFDGHFRPSUHHQGHURTXHp
RWUDEDOKRQRVGLDVGHKRMH
'LYHUVDV RUJDQL]Do}HV VmR FULDGDV DOJXPDV VHJXLQGR R VLVWHPD FDSLWDOLVWD H RXWUDV
DOWHUQDWLYDVDHVVHVLVWHPD'HTXDOTXHUIRUPDRTXHSHUPHLDHVVDVUHODo}HVLQGHSHQGHQWHGH
VXDQDWXUH]DSRVVXLFDUDFWHUtVWLFDVFRPXQVQRTXHGL]UHVSHLWRDRVSURFHVVRVGHVRFLDOL]DomR
TXHRLQGLYtGXRGHVHQYROYHFRPGHWHUPLQDGRVJUXSRVVRFLDLVjLQIOXrQFLDQDLGHQWLGDGHGR
VXMHLWRHQDLQWHUDomRHQWUHVLVWHPDVVRFLDLVQRVTXDLVRLQGLYtGXRVHLQVHUH
$ IRUPD FRPR R LQGLYtGXR VH UHODFLRQD FRP VHXV JUXSRV VRFLDLV GHWHUPLQD FRPR
RFRUUH R SURFHVVR GH VRFLDOL]DomR H HVWH SURFHVVR GHSHQGH GH LQ~PHURV IDWRUHV FRPR R
FRQWH[WR H D FXOWXUD SUySULD UHODFLRQDQGRVH FRP D QRomR GH LGHQWLGDGH D TXDO HVWi HP
PRYLPHQWR HP XPD GLQkPLFD TXH HQYROYH D HVWUXWXUDomR H D GHVHVWUXWXUDomR '8%$5

$VVLPFRPRDIDPtOLDDVUHODo}HVGHWUDEDOKRHVWmRLQVHULGDVHPXPVLVWHPDPDLRUH
VmRLQIOXHQFLDGDVSRUHOH(VWHpRVLVWHPDVRFLDO$VGLYHUVDVLQVWLWXLo}HVLQVHULGDVQRVLVWHPD
VRFLDOVRIUHPLQIOXrQFLDVXPDVGDVRXWUDVVHQGRTXHDUHODomRWUDEDOKRIDPtOLDWDPEpPHVWi

LQFOXVDQLVVR(VVDYLVmRUHFKDoDDYLVmR7D\ORULVWDGHTXHRWUDEDOKRUHPHWHVHjUD]mRHj
REMHWLYLGDGH H D IDPtOLD DRV DIHWRV SHOD FRQVLGHUDomR GH TXH R WUDEDOKR WDPEpP HVWi QR
kPELWR GRV DIHWRV 2 VHU KXPDQR WUDEDOKD WDQWR SDUD VXSULU QHFHVVLGDGHV PDWHULDLV FRPR
DIHWLYDVUHODWLYDVDRUHFRQKHFLPHQWR 9$648(60(1(=(6&2'20('(,526
2WUDEDOKRFRPRLQVWLWXLomRH[WHUQDTXHLQIOXHQFLDQDGLQkPLFDIDPLOLDUWHPLPSDFWR
WDPEpP QD FRQVWLWXLomR GD LGHQWLGDGH GR LQGLYtGXR 3RUpP HVWD LGHQWLGDGH p FRQVWLWXtGD
SULPRUGLDOPHQWHQDIDPtOLDFRQVLGHUDQGRWRGRRFRQWH[WRVRFLDOTXHQHODLQIOXHQFLD
6REUH D LGHQWLGDGH 9HURQHVH H (VWHYHV S HODERUDUDP D VHJXLQWH
FRPSUHHQVmRDSDUWLUGDVFRQFHSo}HVGH'XEDU H)UDEOH

(PXPDSHUVSHFWLYDSVLFRVVRFLDORFRQFHLWRGHLGHQWLGDGHpWRPDGRFRPRD
UHODomR SVLFROyJLFD GR LQGLYtGXR FRP VLVWHPDV HVSHFtILFRV GH FDWHJRULDV
VRFLDLV&RQVLGHUDVHDLGHQWLGDGHFRPRXPDDUWLFXODomRGRLQGLYtGXRFRPR
VRFLDODXPVyWHPSRHVWiYHOHSURYLVyULDLQGLYLGXDOHFROHWLYDELRJUiILFDH
HVWUXWXUDO (OD VH FRQILJXUD QR SURFHVVR GDV WUDQVDo}HV GR HX LGHQWLGDGH
ELRJUiILFDVXEMHWLYD FRP R RXWUR LGHQWLGDGH UHODFLRQDOREMHWLYD H FRP R
PXQGR LGHQWLGDGHVGLVSRQtYHLVFXOWXUDOPHQWH $VP~OWLSODVLGHQWLGDGHVGH
XPDSHVVRD JrQHURUDoDHWQLDVH[RFODVVHJUXSRVPLQRULWiULRVRXRXWUDV
VmR FRQVWUXtGDV PHGLDQWH XP SURFHVVR GH QHJRFLDomR LQWUD H LQWHUSHVVRDO
GHQWURGRVVLVWHPDVVRFLDLVHVSHFtILFRVHPTXHHVWHMDPLQVHULGDV

$TXL YROWDVH D UHIOHWLU VREUH R SDSHO GRV KRPHQV H GDV PXOKHUHV QD VRFLHGDGH
REVHUYDQGRVH TXH PHVPR FRP GLYHUVDV PXGDQoDV VRFLDLV DLQGD RFRUUH D GLIHUHQFLDomR GH
DPERVRKRPHPVDLSDUDWUDEDOKDUHQTXDQWRDPXOKHUFXLGDGDFDVD$WXDOPHQWHDPXOKHU
FRQVHJXLXXPJUDQGHHVSDoRQRPHUFDGRGHWUDEDOKRPDVHOHDLQGDpPDUFDGRSRUGLIHUHQoDV
PHVPRTXHµFRORFDQGRHPFKHTXH¶HVVDYLVmRDQWLJDGHJrQHURQRWUDEDOKR8PIDWRFXULRVR
VREUH LVVR p TXH KLVWRULFDPHQWH PHVPR TXH QmR DEVROXWDPHQWH D PXOKHU YHP VH LQVHULQGR
HPHPSUHJRVTXHQHFHVVLWDPFRPRDo}HVRFXLGDGRGRSUy[LPRRTXHVHUHPHWHjVXDDQWLJD
IXQomRIDPLOLDUDGHFXLGDUGDIDPtOLD 9$648(60(1(=(6&2'20('(,526
&RPDVPXGDQoDVRFRUULGDVRVSUREOHPDVUHODFLRQDGRVDRJrQHURQRWUDEDOKRYmRVH
WRUQDQGRSUREOHPDVGHFDWHJRULDHDUHODomRHQWUHWUDEDOKRHIDPtOLDFRPHoDDVHUFDGDYH]
PDLV LJXDOPHQWH SRVVtYHO WDQWR SDUD R KRPHP TXDQWR SDUD D PXOKHU FRPR SRU H[HPSOR D
GXSOD MRUQDGD WUDEDOKDUFXLGDU GRV VHUYLoRV GR ODU TXH YHP FDGD YH] PDLV VHQGR GLYLGLGD
SRUDPERVRVSDUFHLURV 9$648(60(1(=(6&2'20('(,526
8PGRVJUDQGHVH[HPSORVGHLQIOXrQFLDGRWUDEDOKRQDGLQkPLFDIDPLOLDUUHPHWHVHD
TXDQGRRVFRQIOLWRVYLYHQFLDGRVHPDPERVRVHVSDoRVFRPHoDPDVHWRUQDULQFRPSDWtYHLVR
GHVHPSHQKRQRWUDEDOKRPRWLYDGRSRUFRQIOLWRVGRPpVWLFRVVHWRUQDEDL[RRXRWUDEDOKDGRU

SDVVDSRUXPVRIULPHQWRSVtTXLFRSRUQmRSRGHUVHGHGLFDUjIDPtOLDSRUVREUHFDUJDODERUDO
9$648(60(1(=(6&2'20('(,526
,JXDODURVKRPHQVHDVPXOKHUHVQRFDVRGDGXSODMRUQDGDpFRQVLGHUDUTXHKRMHHOHV
WHQKDPRVPHVPRVSUREOHPDVHPUHODomRDLVVR3DUDWDOpQHFHVViULRSDFWXDUXPQRYRPRGR
GHFRQYLYHUTXHVXSHUHDYLVmRDQWLJDGHUHVSRQVDELOL]DUVRPHQWHDPXOKHUSHORFXLGDGRGR
ODUMiTXHHVWDWDPEpP HVWiWUDEDOKDQGRHPLQVWLWXLo}HVH[WHUQDV$VVLPDV H[LJrQFLDVTXH
WDQWRRKRPHPTXDQWRDPXOKHUSRVVXHPGHVHXVWUDEDOKRVOHYDPQRVjQHFHVVLGDGHGHFULDU
XPD QRYD URWLQD TXH QHFHVVLWD GH FRRSHUDomR SDUD XPD GLYLVmR MXVWD GDV WDUHIDV GH FDVD
9$648(60(1(=(6&2'20('(,526
$VVLPSHQVDQGRVREUHRWUDEDOKRFRRSHUDWLYREDVHDGRQD(FRQRPLD6ROLGiULDGHQWUH
WDQWDVRXWUDVIRUPDVGHRUJDQL]DomRSRGHVHGL]HUTXHHOHSURSRUFLRQDGLYHUVDVPXGDQoDVQD
YLGD GR WUDEDOKDGRU LQWHUIHULQGR QD VXEMHWLYLGDGH GRV FRRSHUDGRV H QmR VHQGR DSHQDV XPD
SRVVLELOLGDGH HFRQ{PLFD 3(5(,5$ &$59$/+2 /$'(,$ 3HOD VXD IRUPD GH
RUJDQL]DomR GLIHUHQWH GD FDSLWDOLVWD R WUDEDOKR HFRQ{PLFRVROLGiULR p SRWHQFLDO D DX[LOLDU
QHVVD EXVFD GH XP PRGR FRRSHUDWLYR GH RUJDQL]DomR GD UHODomR IDPLOLDU DSRQWDGD FRPR
QHFHVViULD DWXDOPHQWH 2 WUDEDOKR FRRSHUDWLYR SHUPLWH DR FRRSHUDGR WHU ³>@ DXWRHVWLPD
LGHQWLILFDomRFRPRWUDEDOKRHFRPRJUXSRSURGXWLYRFRPSDQKHLULVPRDOpPGHXPDQRomR
FUHVFHQWHGHDXWRQRPLDHGHGLUHLWRVFLGDGmRV´ 628=$S
(VVDYLVmRTXHWHQFLRQDRLQGLYLGXDOHRFROHWLYRSRGHVHUWUDQVIHULGDSDUDDVUHODo}HV
GH WUDEDOKR TXH HP UHODomR j FRQVWUXomR GD LGHQWLGDGH GR LQGLYtGXR p R FHUQH HP TXH
FRJQLomRHDIHWLYLGDGHVmRWHVWDGDV,QWHUVXEMHWLYDPHQWHDVYLYrQFLDVFRWLGLDQDVGRHVSDoRGH
WUDEDOKRUHIOHWHPQDLGHQWLGDGHHQHVVHVHQWLGRSRGHVHGL]HUTXHDRUJDQL]DomRFRRSHUDWLYDH
VROLGiULD GR WUDEDOKR SRVVXL XPD FDSDFLGDGH SRVLWLYD GH LPSDFWR QD LGHQWLGDGH GRV
WUDEDOKDGRUHV GH HPSUHHQGLPHQWRV TXH SRVVXHP HVVD IRUPD GH RUJDQL]DomR 9(521(6(
(67(9(6
2 WUDEDOKR HFRQ{PLFR VROLGiULR YLDELOL]D TXH R LQGLYtGXR VH UHFRQKHoD HQTXDQWR VHU
VRFLDO H VH VLWXH HP VXD SUySULD UHDOLGDGH (OH SRVVLELOLWD WDPEpP TXH R WUDEDOKDGRU VH
GHVHQYROYD SDUD DOpP GH VXD IXQomR QR ((6 OHYDQGR j FRQVWUXomR GH XPD LGHQWLGDGH
SURGXWLYDHjUHDOL]DomRGHH[SHFWDWLYDVVRFLDLV &$59$/+2
(QWmRDFUHGLWDVHVHULPSRUWDQWHTXDOLILFDUSRVVtYHLVDOWHUDo}HVQDGLQkPLFDIDPLOLDU
QRFDVRGHVWHWUDEDOKRGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLVDSyVDLQVHUomRGHVWHWUDEDOKDGRU
HPXP((6,VVRSRLVFRQVLGHUDQGRVHTXHDVUHODo}HVTXHRFRUUHPQRHVSDoRGHWUDEDOKR
VmR SRWHQFLDLV D LQWHUIHULU QD LGHQWLGDGH GR VXMHLWR H FRQVHTXHQWHPHQWH QDV UHODo}HV
IDPLOLDUHVFDUDFWHUL]DUDVPXGDQoDVRFRUULGDVDSyVRFRQWDWRGDVIDPtOLDVFRPRVSULQFtSLRV

HFRQ{PLFRVROLGiULRV GLUHWDRXLQGLUHWDPHQWH SRGHFRQWULEXLUFRPDOLWHUDWXUDTXHMiLQGLFD

R GHVHQYROYLPHQWR GH FRPSRUWDPHQWRV PDLV VROLGiULRV H FRRSHUDWLYRV GH DXWRQRPLD H
FRQVHTXHQWH WROHUkQFLD FRP R SUy[LPR SRU SDUWH GRV DWRUHV GR PRYLPHQWR GD HFRQRPLD
VROLGiULD
3DUDWDOpQHFHVViULRLQYHVWLJDUQRHPSUHHQGLPHQWRDVSHFWRVUHIHUHQWHVjDSURSULDomR
GHFRQKHFLPHQWRDXWRJHVWmRWHFQRORJLDVGLVSRQtYHLVHRUJDQL]DomRGRWUDEDOKRSDUDDYDOLDUD
LQIOXrQFLD GR FRQWH[WR YLYHQFLDGR QDV FRQVLGHUDo}HV UHDOL]DGDV SHORV FDWDGRUHV H VXDV
IDPtOLDV
$FUHGLWDVH TXH HVWXGDU D LQIOXrQFLD GR WUDEDOKR HFRQ{PLFRVROLGiULR QD GLQkPLFD
IDPLOLDUSRVVDFRQWULEXLUWDPEpPSDUDLQFHQWLYDUDHODERUDomRDDGHTXDomRHDHIHWLYDomRGH
SROtWLFDV S~EOLFDV GH HFRQRPLD VROLGiULD SHOD SRVVLELOLGDGH GH HOXFLGDU EHQHItFLRV QmR Vy
HFRQ{PLFRVHLQGLYLGXDLVPDVWDPEpPHPRFLRQDLVIDPLOLDUHVHVRFLDLV
$DERUGDJHP&76DGRWDGDDJUHJDDHVWDVFRQWULEXLo}HVDSHUVSHFWLYDGHTXHDFLrQFLD
HDWHFQRORJLDFKHJDPDWpDSRSXODomRGHGLIHUHQWHVIRUPDVHTXHRSURFHVVRHQYROYLGRSRGH
LQWHUIHULU QDV FRQVHTXrQFLDV SHOD FRQVLGHUDomR RX QmR GH GHPDQGDV H FRQWH[WRV VRFLDLV

2%-(7,926

2REMHWLYRJHUDOGHVVHWUDEDOKRpLQYHVWLJDUVREDDERUGDJHP&76DVLQIOXrQFLDVGDV
UHODo}HVGHWUDEDOKRHFRQ{PLFRVROLGiULDVQDGLQkPLFDIDPLOLDUGRVFDWDGRUHV
-iRVREMHWLYRVHVSHFtILFRVVmR
6LVWHPDWL]DUDVUHODo}HVGHWUDEDOKRREVHUYDGDVQDFRRSHUDWLYD
,GHQWLILFDURVDVSHFWRVWHFQROyJLFRVHGHDSURSULDomRGRFRQKHFLPHQWRH[LVWHQWHVQR
HPSUHHQGLPHQWR
&DUDFWHUL]DU DV PXGDQoDV QD GLQkPLFD IDPLOLDU GRV FDWDGRUHV DSyV VXD LQVHUomR QR
HPSUHHQGLPHQWRHFRQ{PLFRVROLGiULR
(ODERUDU SDUkPHWURV SDUD HVWLPXODU D FRQVWUXomR GH SROtWLFDV S~EOLFDV YROWDGDV j
SRSXODomRHQYROYLGDQDSHVTXLVD

3(5&856260(72'2/Ï*,&26

(VWDSHVTXLVDpGHFDUiWHUH[SORUDWyULRLQGLFDQGRFRPRFDUDFWHUtVWLFDDDSUR[LPDomR
FRP R SUREOHPD EXVFDQGR WRUQiOR H[SOtFLWR H FULDU KLSyWHVHV *,/ (VWH WLSR GH
SHVTXLVD p DGHTXDGR DR SUREOHPD GH SHVTXLVD GHILQLGR QHVWH WUDEDOKR R TXDO IRL GHILQLGR
FRPRDQHFHVVLGDGHGHFDUDFWHUL]DUVHHFRPRDHFRQRPLDVROLGiULDSRGHLQIOXLUQDGLQkPLFD
IDPLOLDUGHFDWDGRUHVLQVHULGRVHPFRRSHUDWLYDV
(VVDSHVTXLVDpWDPEpPGRWLSRTXDOLWDWLYRRTXHVLJQLILFDTXHVXDSUHRFXSDomRpVH
DSURIXQGDU QR FRQKHFLPHQWR GH XP REMHWR GH HVWXGR H QmR TXDQWLILFiOR (VWH WLSR GH
SHVTXLVDSHUPLWHXPDDYHULJXDomRVHPMXOJDPHQWRVSHVVRDLV *2/'(1%(5*
3DUD 0LQD\R D SHVTXLVD TXDOLWDWLYD XWLOL]D D FXOWXUD GRV VXMHLWRV YLVDQGR XP
DSURIXQGDPHQWRHPHVSDoRVGHUHODo}HVHIHQ{PHQRVTXHQmRGHYHPVHUPHQVXUDGDVGHRXWUD
IRUPDTXHQmRVHMDFRQVLGHUDQGRRVSURFHVVRVVXEMHWLYRV(VVHWLSRGHSHVTXLVD³>@WUDEDOKD
FRP R XQLYHUVR GH VLJQLILFDGRV PRWLYRV DVSLUDo}HV FUHQoDV YDORUHV H DWLWXGHV R TXH
FRUUHVSRQGHDXPHVSDoRPDLVSURIXQGRGDVUHODo}HVGRVSURFHVVRVHGRVIHQ{PHQRVTXHQmR
SRGHPVHUUHGX]LGRVjRSHUDFLRQDOL]DomRGHYDULiYHLV´ 0,1$<2S
$VVLP HVVD SHVTXLVD VH FRQVWLWXL HP XPD IHUUDPHQWD SDUD R FDPSR &76 SRU VH
GHVHQYROYHUDSDUWLUGDYLYrQFLDGRVVXMHLWRVSHVTXLVDGRVRTXHSHUPLWHUHIOHWLUHTXHVWLRQDUD
WHRULDH[LVWHQWHDSDUWLUGRFRQWH[WRHPTXHHVWHVVXMHLWRVHVWmRLQVHULGRV
(VWH WLSR GH SHVTXLVD SRGH FRQWULEXLU FRP XP GRV GHVDILRV GR FDPSR &76 TXH VH
UHIHUH j FULDomR GH HVWUDWpJLDV SDUD TXH D SRSXODomR HIHWLYDPHQWH SDUWLFLSH GR
GHVHQYROYLPHQWRHDYDOLDomRGDVFLrQFLDVHWHFQRORJLDV(PUHODomRjHFRQRPLDVROLGiULDHVWD
SHVTXLVDSRGHSRWHQFLDOL]DUDVGLVFXVV}HVVREUHDLPSRUWkQFLDGHVHUHPFULDGDVQRYDVUHODo}HV
GHSURGXomRHHFRQ{PLFDVDSDUWLUGDVGHPDQGDVVRFLDLVFRPRIRUPDGHVXSHUDUDVLWXDomRGH
GHVLJXDOGDGHHH[FOXVmRREVHUYDGDFRPRGHVHQYROYLPHQWRFDSLWDOLVWD
2 SURMHWR GH SHVTXLVD IRL VXEPHWLGR DR &RPLWr GH eWLFD HP 3HVTXLVD HP 6HUHV
+XPDQRV GD 8)6&DU &(38)6&DU R TXDO IRL DFHLWR DQWHV GD SHVTXLVD LQLFLDU SDUD
JDUDQWLURVDVSHFWRVpWLFRVGDSHVTXLVDHDLQWHJULGDGHGRVVXMHLWRVHQYROYLGRVFRQVLGHUDQGR
DVQRUPDVGD5HVROXomRGR&RQVHOKR1DFLRQDOGH6D~GHGR0LQLVWpULRGD6D~GH
3DUD R GHVHQYROYLPHQWR GD SHVTXLVD IRL GHILQLGD D UHDOL]DomR GRV SURFHGLPHQWRV
PHWRGROyJLFRV LOXVWUDGRV QD )LJXUD VHQGR TXH DV HVWUDWpJLDV DGRWDGDV SDUD R
GHVHQYROYLPHQWRGHFDGDSURFHGLPHQWRHVWmRGHVFULWDVVLQWHWLFDPHQWHQR4XDGUR

9HU$QH[R2WtWXORGDSHVTXLVDTXHFRQVWDQRGRFXPHQWR ³6D~GHPHQWDOHHFRQRPLDVROLGiULDXPHVWXGR
FRPIDPtOLDVGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV´ IRLRSULPHLURSURSRVWRDQWHVGDGHILQLomRGRWtWXORDWXDO

)LJXUD3URFHGLPHQWRV0HWRGROyJLFRV

$VGHYROXWLYDVDLQGDVHUmRUHDOL]DGDV
4XDGUR±(VWUDWpJLDVPHWRGROyJLFDV
&RQWLQXD
2%-(7,926 5(&85626 5(68/7$'26
(7$3$ 0e72'2$'27$'2
(63(&Ë),&26 1(&(66È5,26 $/&$1d$'26
352&(',0(1726e7,&26
$VVLQDWXUD GD *DUDQWLU TXH D SHVTXLVD 5HDOL]DomR GH FRQYHUVD FRP D SUHVLGHQWD GD FRRSHUDWLYD 7HUPR GH DXWRUL]DomR 2EWHQomR GH
$XWRUL]DomR SDUD SRVVXD RV SDGU}HV pWLFRV H[SOLFDQGRDSHVTXLVDHVROLFLWDQGRDXWRUL]DomRSDUDUHDOL]DU LPSUHVVR HP GXDV YLDV SDUD DXWRUL]DomR GR &(3
UHDOL]DomR GD QHFHVViULRVSDUDVHUUHDOL]DGD R WUDEDOKR GH FDPSR QR HVSDoR GH WUDEDOKR GD OHLWXUD H DVVLQDWXUD GD SDUD UHDOL]DomR D
SHVTXLVDGHFDPSR REWHQGR D DXWRUL]DomR GR &223(59,'$ SUHVLGHQWD GD SHVTXLVD
(ODERUDomR GR &(3 (ODERUDomR GH XP 7&/( SDXWDGR QDV RULHQWDo}HV &223(59,'$ 2EWHQomR GH
7HUPR GH ,QIRUPDU RV SDUWLFLSDQWHV IRUQHFLGDVSHOR&(38)6&DU 'RFXPHQWRVGHRULHQWDomR DXWRUL]DomR SHOD
&RQVHQWLPHQWR VREUH D QDWXUH]D GD SHVTXLVD &RQVXOWDV DR PDQXDO H DR DWHQGLPHQWR GD 3ODWDIRUPD RQOLQH IRUQHFLGRV SHOR FRRSHUDWLYD SDUD
/LYUH H (VFODUHFLGR SDUD TXH HOHV SRVVDP GHFLGLU %UDVLO SDUD SUHHQFKHU DGHTXDGDPHQWH R IRUPXOiULR GH &(3 UHDOL]DomR GR WUDEDOKR
7&/( VREUHDVXDSDUWLFLSDomR VXEPLVVmRGHSURMHWRVRQOLQHSDUDDYDOLDomRGR&(3 0HLR GH WUDQVSRUWH DWp D GHFDPSR
6XEPLVVmRDR&(3 2EWHU DXWRUL]DomR GRV 3UHHQFKLPHQWR RQOLQH GR IRUPXOiULR GLVSRQtYHO SDUD FRRSHUDWLYD 2EWHQomR GH
VXMHLWRV H GR ((6 VXEPLVVmRGRSURMHWR DXWRUL]DomR GRV
SDUWLFLSDQWHV SDUD D HQWUHYLVWDGRV SDUD
UHDOL]DomRGDSHVTXLVD UHDOL]DUDVHQWUHYLVWDV
5(9,62'(/,7(5$785$
5HYLVmR GD ,GHQWLILFDU R HVWiJLR GR 8WLOL]DomR GH OLYURV DUWLJRV H RXWURV PDWHULDLV Mi &RPSXWDGRU SDUD EXVFDV 6LVWHPDWL]DomR GD
OLWHUDWXUD FRQKHFLPHQWR H[LVWHQWH VREUH FRQKHFLGRVFRPRSRQWRGHSDUWLGDSDUDDVSHVTXLVDV RQOLQH OLWHUDWXUDSHUWLQHQWH
RWHPD %XVFD QR %DQFR GH 7HVHV H 'LVVHUWDo}HV GD &$3(6 GH /LYURV DUWLJRV WHVHV
WUDEDOKRV DFDGrPLFRFLHQWtILFRV TXH FRQWHPSODVVHP RV GLVVHUWDo}HV H RXWURV WH[WRV
WHUPRV ³FDWDGRU´ ³UHFLFOiYHO´ ³HFRQRPLD VROLGiULD´ ItVLFRV RX GLJLWDOL]DGRVRQ
³IDPtOLD´GHGLYHUVDVIRUPDVFRPELQDGDV OLQH
(ODERUDomRGHWDEHODVVLVWHPDWL]DQGRRVWUDEDOKRV
6HOHomRGDVWHVHVHGLVVHUWDo}HVDVHUHPXWLOL]DGDV
%XVFDGHDUWLJRVUHODFLRQDGRVDRVWUDEDOKRVVHOHFLRQDGRV
/HYDQWDPHQWR GH &DUDFWHUL]DU R FDPSR GH 6HOHomR GH DUWLJRV UHODWyULRV WHVHV H GLVVHUWDo}HV TXH &RPSXWDGRU SDUD 6LVWHPDWL]DomR GD
LQIRUPDo}HVVREUHD SHVTXLVDDSDUWLUGHUHVXOWDGRV DERUGDVVHPWHPDVUHODWLYRVj&223(59,'$ UHDOL]DomRGHEXVFDVRQOLQH OLWHUDWXUDSHUWLQHQWH
FRRSHUDWLYD GH SHVTXLVDV SUpH[LVWHQWHV (ODERUDomRGHWH[WRVtQWHVHVREUHRHPSUHHQGLPHQWR /LYURV DUWLJRV WHVHV
GDGRV GH UHODWyULRV GHQWUH GLVVHUWDo}HV H RXWURV WH[WRV
RXWUDVIRQWHVGHLQIRUPDomR ItVLFRV RX GLJLWDOL]DGRVRQ
OLQH

&RQWLQXD

2%-(7,926 5(&85626 5(68/7$'26

(7$3$ 0e72'2$'27$'2
(63(&Ë),&26 1(&(66È5,26 $/&$1d$'26
2%6(59$d23$57,&,3$17(
$SUR[LPDomRFRPD &ULDU YtQFXOR FRP RV ,QVHUomRQR1X0,(FR6ROGD8)6&DU 0HLR GH WUDQVSRUWH 2EWHQomR GH HVSDoR
&223(59,'$ PHPEURV GR 3DUWLFLSDomRGDOLQKDGHDomR³(GXFDomRVD~GHHFLGDGDQLD´QR1X0, DWpDFRRSHUDWLYD SDUD SDUWLFLSDU GR
HPSUHHQGLPHQWR (FR6RO FRWLGLDQRGHWUDEDOKR
9LDELOL]DU D UHDOL]DomR 5HDOL]DomRGHYLVLWDVj&223(59,'$FRPSHVVRDVGR1X0,(FR6RO
GRWUDEDOKRGHFDPSR TXHMiWLQKDPFRQWDWRFRPRJUXSR
5HDOL]DomR GH UHXQL}HV FRP PHPEURV GD OLQKD GH DomR GR 1X0,
(FR6ROSDUDGLVFXWLUVREUHDVLWXDomRGD&223(59,'$
7UDEDOKRGHFDPSR &DUDFWHUL]DU DV SULQFLSDLV 8WLOL]DomRGDWpFQLFDGDREVHUYDomRSDUWLFLSDQWH (TXLSDPHQWRV GH ,GHQWLILFDomR GH
UHODo}HV TXH RFRUUHP QR 5HDOL]DomRGHYLVLWDVSHULyGLFDV HPXPSHUtRGRGHPHVHVHQWUH 3URWHomR ,QGLYLGXDO DVSHFWRV HFRQ{PLFR
DPELHQWH GH WUDEDOKR GD DJRVWRHGH]HPEURGH (3,V SDUD HYLWDU VROLGiULRV QR DPELHQWH
FRRSHUDWLYD 3DUWLFLSDomR GR FRWLGLDQR GH WUDEDOKR GRV FDWDGRUHV GR DFLGHQWHV QR GHWUDEDOKR
HPSUHHQGLPHQWRSULQFLSDOPHQWHMXQWRjHVWHLUDGHWULDJHP DPELHQWH GH &RQKHFLPHQWR GDV
0RPHQWRVGHFRQYHUVDVFRPPHPEURVGRVFRQVHOKRVDGPLQLVWUDWLYRH WUDEDOKR LPSUHVV}HV GRV
ILVFDO 'LiULRGHFDPSR FDWDGRUHV VREUH D
3DUWLFLSDomRQR PRPHQWRGHLQWHUYDORODQFKHSDUDFRQYHUVDUFRP XP 0HLRGHWUDQVSRUWH FRRSHUDWLYD H D
PDLRUQ~PHURGHFRRSHUDGRVSRUYH] DWpRORFDO FRQILJXUDomR GDV
UHODo}HVLQWHUQDV
+,67Ï5,$25$/7(0È7,&$
'HILQLomR GRV 9LDELOL]DU D UHDOL]DomR ,GHQWLILFDomRGRVFDWDGRUHVTXHHVWmRDPDLVWHPSRQDFRRSHUDWLYD (ODERUDomR GH 'HILQLomRGRV JUXSRV
FDWDGRUHV D VHUHP GDVHQWUHYLVWDV (VFROKDGHFDWDGRUHV TXDGUR SDUD IDPLOLDUHV D VHUHP
FRQYLGDGRV SDUD DV &RQYLWHDRVFDWDGRUHV RUJDQL]DU DV HQWUHYLVWDGRV
HQWUHYLVWDV H &RQYLWHDRXWURVFDWDGRUHVSRUQmRWHUGDGRFHUWRUHDOL]DUDHQWUHYLVWD LQIRUPDo}HV VREUH 5HDOL]DomR GDV
UHDOL]DomR GH FRPDOJXQVGRVSULPHLURVFRQYLGDGRV DVHQWUHYLVWDV HQWUHYLVWDV
FRQYLWH 'HILQLomRGRVVXMHLWRVGDSHVTXLVDVHQGR
*UXSR )DPLOLDU ± (QWUHYLVWD 3LORWR FDWDGRUD PDULGR LUPmR XP
ILOKRHXPDILOKD
*UXSR)DPLOLDU±&DWDGRUDHPDULGR
*UXSR)DPLOLDU±&DWDGRUDPDULGRHILOKR
*UXSRV)DPLOLDU±&DWDGRUDILOKDHGXDVQHWDV
'HILQLomRGHGDWDVKRUiULRVHORFDLVSDUDUHDOL]DUDVHQWUHYLVWDV

&RQWLQXD
5(&85626 5(68/7$'26
(7$3$ 2%-(7,926(63(&Ë),&26 0e72'2$'27$'2
1(&(66È5,26 $/&$1d$'26

*. *.- . !"#@
&'( ' ) - 1
$ *&+ *&+
,
, *
- '
'
!

" #
$" " .
% /B
* 2 ' & ( , *( 4
# $
% ' "
3

.- .
5 % , 6 4
" " # 7 % , "
" "
#

% "
#

5 83 + 4
! +( 3
+" ! * " -
# $" )
,

/B
25 /9 *&+ ' # , :6D~GHPHQWDOHHFRQRPLDVROLGiULDXPHVWXGRFRP
IDPtOLDVGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV
;F
FOXVmR

2%-(7,926 5(&85626 5(68/7$'26

(7$3$ 0e72'2$'27$'2
(63(&Ë),&26 1(&(66È5,26 $/&$1d$'26
'(92/87,9$6
'HYROXWLYD DR 'LVFXWLURVUHVXOWDGRVFRPRV $JHQGDPHQWRGHUHXQLmRFRPRVFRQVHOKRVDGPLQLVWUDWLYRH 7H[WR FRP RV UHVXOWDGRV &RQWULEXLomR SDUD TXH
HPSUHHQGLPHQWR FRRSHUDGRV ILVFDO VLVWHPDWL]DGRV HP VHMDP FULDGRV PDLV
&RQWULEXLU SDUD R $JHQGDPHQWRGHUHXQLmRFRPRJUXSRWRGR OLQJXDJHPSRSXODU HVSDoRV SDUD TXH RV
GHVHQYROYLPHQWR GR $SUHVHQWDomRGRVUHVXOWDGRVGDSHVTXLVD FRRSHUDGRV SRVVDP
HPSUHHQGLPHQWR 'LVFXVVmR VREUH DV SRVVLELOLGDGHV GH XWLOL]DomR GRV DGTXLULU FRQKHFLPHQWRV
UHVXOWDGRVMXQWRDRHPSUHHQGLPHQWR VREUHHFRQRPLDVROLGiULD
HFRRSHUDWLYLVPR
&RQWULEXLomR SDUD TXH
DV 76 QHFHVViULDV VH
FRQVROLGHP QR
HPSUHHQGLPHQWR
'HYROXWLYD DRV 'LVFXWLURVUHVXOWDGRVFRPDV $JHQGDPHQWRGHUHXQLmRFRPDIDPtOLD 7H[WR FRP RV UHVXOWDGRV &RQWULEXLomR SDUD TXH D
JUXSRV IDPtOLDV $SUHVHQWDomRGRVUHVXOWDGRVGDSHVTXLVD VLVWHPDWL]DGRV HP IDPtOLD UHIOLWD VREUH D
IDPLOLDUHV &RQWULEXLU SDUD D UHIOH[mR 'LVFXVVmR VREUH SRVVLELOLGDGHV GH XWLOL]DomR GHVVHV OLQJXDJHPSRSXODU LQIOXrQFLD HFRQ{PLFR
VREUH FRPR RFRUUH D GLQkPLFD UHVXOWDGRVSHODIDPtOLD VROLGiULD HP VXD
IDPLOLDU GRV VXMHLWRV GD GLQkPLFD
SHVTXLVD
'HYROXWLYD DR 'LVFXWLU FRP D HTXLSH GR $JHQGDPHQWRGHUHXQLmRFRPDVOLQKDVGHDomRHQYROYLGDV 5HODWyULR FRP RV &RQWULEXLomR FRP D
1X0,(FR6RO H 1X0,(FR6RO H FRP RV $SUHVHQWDomRGRVUHVXOWDGRVGDSHVTXLVD UHVXOWDGRVVLVWHPDWL]DGRV HODERUDomR GH
DR3(7, HVWDJLiULRV 3(7, VREUH 'LVFXVVmR VREUH DV SRVVLELOLGDGHV GH XWLOL]DomR GHVVHV LQWHUYHQo}HV
SRVVtYHLV LQWHUYHQo}HV MXQWR j UHVXOWDGRV SDUD D HODERUDomR GH LQWHUYHQo}HV MXQWR DR
&223(59,'$ HPSUHHQGLPHQWR
5HIOHWLU VREUH DV Do}HV
UHODWLYDV DR WHPD GH SHVTXLVD
TXHMiIRUDPUHDOL]DGDV

$VGHYROXWLYDVDLQGDVHUmRUHDOL]DGDV

&RQVLGHUDQGR WRGRV RV SURFHGLPHQWRV UHDOL]DGRV IRL HVTXHPDWL]DGR QR 4XDGUR

TXDLV REMHWLYRV HVSHFtILFRV IRUDP UHVSRQGLGRV HP FDGD HWDSD GHVVD SHVTXLVD VHQGR TXH R
REMHWLYRJHUDOIRLDWLQJLGRDSDUWLUGDLQWHUUHODomRGHWRGRVRVUHVXOWDGRVREWLGRVSRUPHLRGRV
REMHWLYRVHVSHFtILFRV

6LVWHPDWL]DU DV UHODo}HV GH WUDEDOKR REVHUYDGDV QD $SUR[LPDomRFRPD&223(59,'$
FRRSHUDWLYD 7UDEDOKRGHFDPSR
,GHQWLILFDURVDVSHFWRVWHFQROyJLFRVHGHDSURSULDomR 5HYLVmRGDOLWHUDWXUD
GRFRQKHFLPHQWRH[LVWHQWHVQRHPSUHHQGLPHQWR /HYDQWDPHQWR GH LQIRUPDo}HV VREUH R
HPSUHHQGLPHQWR
$SUR[LPDomRFRPD&223(59,'$
7UDEDOKRGHFDPSR
&DUDFWHUL]DU DV PXGDQoDV QD GLQkPLFD IDPLOLDU GRV 'HILQLomRGRVFDWDGRUHVDVHUHPFRQYLGDGRVSDUDDV
FDWDGRUHV DSyV VXD LQVHUomR QR HPSUHHQGLPHQWR HQWUHYLVWDVHUHDOL]DomRGHFRQYLWH
HFRQ{PLFRVROLGiULR 5HDOL]DomRGDVHQWUHYLVWDV
7UDQVFULDomRGDVHQWUHYLVWDV
(ODERUDU SDUkPHWURV SDUD HVWLPXODU D FRQVWUXomR GH (VWH REMHWLYR VHUi FXPSULGR D SDUWLU GD DVVRFLDomR
SROtWLFDV S~EOLFDV YROWDGDV j SRSXODomR HQYROYLGD QD GRVUHVXOWDGRVGHWRGDVDVHWDSDVDQWHULRUHV
SHVTXLVD

68-(,726'(3(648,6$

2VVXMHLWRVGDSHVTXLVDVmRDOJXQVFRRSHUDGRVGD&223(59,'$HVXDVIDPtOLDVTXH
IRUDPHVFROKLGDVDSDUWLUGRFRQWDWRFRPRVFDWDGRUHVQDFRRSHUDWLYDHDFULDomRGHYtQFXOR
FRP RV PHVPRV 'XUDQWH R WUDEDOKR GH FDPSR RV FDWDGRUHV HVFROKLGRV VH PRVWUDUDP PDLV
GLVSRVWRV D XPD DSUR[LPDomR R TXH IDFLOLWRX R HVWDEHOHFLPHQWR GH YtQFXOR R FRQYLWH H D
DFHLWDomRGRPHVPR
3DUD GHILQLU TXDLV IDPtOLDV VHULDP HQWUHYLVWDGDV IRL XWLOL]DGR FRPR FULWpULR GH
LQFOXVmRRWHPSRGHSHUPDQrQFLDGRFDWDGRUQRHPSUHHQGLPHQWR$VVLPIRUDPFRQVLGHUDGRV
FRPRSDVVtYHLVGHVHUHPHQWUHYLVWDGRVRVFRRSHUDGRVTXHWUDEDOKDYDPKiPDLVGHXPDQRQD
FRRSHUDWLYDFRQVLGHUDQGRTXHQHVVHWHPSRPtQLPRRFDWDGRUWHULDYLYHQFLDGRDVUHODo}HVGH
WUDEDOKR FRRSHUDWLYLVWDV EDVHDGDV QRV SULQFtSLRV GD HFRQRPLD VROLGiULD EHP FRPR WLGR D
SRVVLELOLGDGH GH SDUWLFLSDU GH FXUVRV GH FDSDFLWDomR H IRUPDomR RIHUHFLGRV SHOR 1X0,
(FR6RO H SHOR '$(6 &RRSHUDGRV FRP PHQRV GH XP DQRGH WUDEDOKR IRUDP H[FOXtGRV SHOD
PHQRU SRVVLELOLGDGH GH WHUHP DGTXLULGR FRQKHFLPHQWRV VREUH HFRQRPLD VROLGiULD H
FRRSHUDWLYLVPR
$ DPRVWUDJHP VHOHFLRQDGD GH VXMHLWRV D VHUHP HQWUHYLVWDGRV HP SHVTXLVDV
TXDOLWDWLYDVQmRGHYHVHUPXLWRJUDQGHPDVVLPVXILFLHQWHSDUDRSHVTXLVDGRUFRQVHJXLUREWHU
FRQKHFLPHQWR VREUH R REMHWR GH HVWXGR $ SHVTXLVD TXDOLWDWLYD QmR WHP XPD SUHRFXSDomR

HVVHQFLDOFRPDJHQHUDOL]DomRGRVGDGRVDSHVDUGHTXHDDPRVWUDGHYDUHSUHVHQWDURFRQMXQWR
WRWDOGRFDPSRSHVTXLVDGRHDSUHVHQWDUUHLQFLGrQFLDGHLQIRUPDo}HVVDWXUDQGRDV 0,1$<2

$SHVTXLVDTXDOLWDWLYDH[LJHGRSHVTXLVDGRUD FDSDFLGDGHGHDQDOLVDUSURIXQGDPHQWH
GDGRVQmRPHQVXUiYHLVFRPRFUHQoDVYDORUHVFXOWXUDFRQWH[WRGHQWUHRXWUDVYDULiYHLVQmR
REMHWLYDPHQWHREVHUYiYHLV2XVHMDHODEXVFDD HOXFLGDomRGHIHQ{PHQRVTXHSRVVXDPDOWR
JUDXGHFRPSOH[LGDGH 0,1$<26$1&+(60,1$<2
,QLFLDOPHQWHHVWLPRXVHTXHRQ~PHURGHWUrVDTXDWURIDPtOLDVVHULDXPQ~PHURGH
HQWUHYLVWDGRV VXILFLHQWH PDV QmR GHILQLWLYR GLDQWH GR FRQWH[WR GD FRRSHUDWLYD SHVTXLVDGD
FRQVLGHUDQGRTXHRPpWRGRTXDOLWDWLYRTXHQmRWHPLQWHQo}HVGHTXDQWLILFDUPDVVLPGHVH
DSURIXQGDU HP GHWHUPLQDGDV LQIRUPDo}HV (OD HUD FRPSRVWD QD pSRFD SRU FDWDGRUHV
TXDQGRDSHVTXLVDIRLUHDOL]DGDHRVPDLVDQWLJRVHUDPPHPEURVGR&RQVHOKR$GPLQLVWUDWLYR
IRUPDGR SRU WUrV FRRSHUDGRV H GR &RQVHOKR )LVFDO VHLV FRRSHUDGRV VHQGR WUrV VXSOHQWHV
&RPRGHVHQYROYLPHQWRGDSHVTXLVDHGDVDQiOLVHVGRVGDGRVDVLQIRUPDo}HVFROHWDGDVMXQWR
D HVVDV WUrV IDPtOLDV IRUDP FRQVLGHUDGDV VXILFLHQWHV SDUD DV DQiOLVHV SRU FRQGL]HUHP FRP R
SURSRVWRSRU0LQD\R GHTXHHODVIRUQHFHVVHPFRQKHFLPHQWRDGHTXDGRVREUHRREMHWR
DRSHVTXLVDGRUDOpPGHFRPHoDUHPDDSUHVHQWDUUHSHWLomRGHGDGRV
3DUDVHOHFLRQDUDVIDPtOLDVDSULQFtSLRRSHVTXLVDGRUIH]XPDOLVWDHVFULWDQRGLiULRGH
FDPSR FRP RV QRPHV GRV FDWDGRUHV TXH HVWDYDP GHQWUR GR FULWpULR GH WHPSR GH WUDEDOKR
GHOLPLWDGR SDUD D SHVTXLVD (OH WHQWRX VH DSUR[LPDU GHOHV GXUDQWH R WUDEDOKR GH FDPSR H
VHOHFLRQRX RV TXH FRQVWLWXLX PHOKRU UHODomR $SyV HVWHV QRPHV IRUDP RUJDQL]DGRV
FRQVLGHUDQGR RV FDWDGRUHV TXH WUDEDOKDYDP Ki PDLV WHPSR QD FRRSHUDWLYD TXH ILFDUDP QR
WRSRGDOLVWD HRVFDWDGRUHVTXHHVWDYDPKiPHQRVWHPSRGDFRRSHUDWLYD'HOLPLWRXVHDVVLP
TXHRFRQYLWHSRGHULDVHUIHLWRDQRYHFDWDGRUHV VHQGRWUrVFDWDGRUHVGRVFRQVHOKRVHVHLVTXH
H[HUFLDP RXWUDV IXQo}HV QR HPSUHHQGLPHQWR 'HVVH PRGR HOHV IRUDP VHQGR FRQYLGDGRV D
SDUWLFLSDUGDVHQWUHYLVWDVDSDUWLUGDVHTXrQFLDGDOLVWDHODERUDGD
$FDWDGRUDTXHVHULDDSULPHLUDFRQYLGDGDWHYHSUREOHPDVSHVVRDLVTXHUHIOHWLUDPHP
VHXWUDEDOKROHYDQGRDDDEDQGRQDUDFRRSHUDWLYDRTXHRFDVLRQRXDSHUGDGHFRQWDWRFRPD
PHVPD $ VHJXQGD FDWDGRUD WDPEpP DSUHVHQWRX SUREOHPDV VpULRV GH VD~GH QD IDPtOLD H VH
LQGLVS{VDSDUWLFLSDUGDVHQWUHYLVWDV$VVLPDVTXDWURIDPtOLDVVHJXLQWHVGDOLVWDIRUDPVHQGR
FRQYLGDGDVHHQWUHYLVWDGDV'RVWUrV~OWLPRVFDWDGRUHVGDOLVWD XPKRPHPHGXDVPXOKHUHV
XPD KDYLD VH DIDVWDGR WHPSRUDULDPHQWH GD FRRSHUDWLYD SRU OLFHQoD PDWHUQLGDGH PDV HP
FRQWDWR WHOHI{QLFR LQIRUPRX TXH VHX PDULGR QmR DFHLWRX SDUWLFLSDU GD HQWUHYLVWD H RV RXWURV

GRLV QmR FKHJDUDP D VHU FRQYLGDGRV SRLV FRP R GHFRUUHU GDV HQWUHYLVWDV RV GDGRV GH WUrV
IDPtOLDVHQWUHYLVWDGDVIRUDPFRQVLGHUDGRVVXILFLHQWHVSDUDDQiOLVH
&RP XPD GHVVDV IDPtOLDV VHOHFLRQDGDV IRL UHDOL]DGD XPD HQWUHYLVWD SLORWR (VWD
HQWUHYLVWDIRLDSULPHLUDUHDOL]DGDHRFRUUHXFRPDIDPtOLDHPTXHVWmRSRUHODVHUDSULPHLUD
GLVSRQtYHOQRDJHQGDPHQWRGDVGDWDV2VGDGRVGHVVDHQWUHYLVWDQmRIRUDPFRQVLGHUDGRVSDUD
DV DQiOLVHV SRU WHU RFRUULGR GLYHUVDV LQWHUIHUrQFLDV GHYLGR DR ORFDO LQDGHTXDGR
GLVSRQLELOL]DGR SDUD VXD UHDOL]DomR (VWH ORFDO ILFDYD HP IUHQWH j VXD UHVLGrQFLD H PXLWDV
SHVVRDVSDVVDYDPSRUOiGLVWUDLQGRRVHQWUHYLVWDGRVFRQYHUVDQGRGXUDQWHDHQWUHYLVWDHDLQGD
WHQWDQGRSUHVWDUDWHQomRQRTXHDFRQWHFLD$OJXQVIDPLOLDUHVDEDQGRQDUDPDHQWUHYLVWDDQWHV
GH VHX WpUPLQR H RXWURV TXH QmR TXLVHUDP SDUWLFLSDU GH LQtFLR FRPHoDUDP D LQWHUYLU QDV
UHVSRVWDV GRV VXMHLWRV $VVLP FRQVLGHURXVH TXH DV UHVSRVWDV GRV IDPLOLDUHV VRIUHUDP
LQIOXrQFLDV H[WHUQDV H GHVVH PRGR QmR GHYHULDP FRQVWLWXLU PDWHULDO GH DQiOLVH (VWDV
H[SHULrQFLDVFRQWULEXtUDPSDUDDUHDOL]DomRGDVRXWUDVHQWUHYLVWDVMiTXHLQWHUIHUrQFLDVIRUDP
HYLWDGDVFRPXPDFRUGRLQLFLDOPHOKRUHODERUDGR
3DUD DQiOLVH GRV GDGRV IRUDP FRQVLGHUDGRV RV *UXSRV )DPLOLDUHV H RV TXDLV
HUDPFRPSRVWRVUHVSHFWLYDPHQWHSRUGXDV XPFDVDO TXDWUR XPFDVDOFRPGRLVILOKRV HVHLV
SHVVRDV IDPtOLDPRQRSDUHQWDOFRPXPDFDWDGRUDXPDILOKDHXPILOKRHWUrVQHWDV
1RFDVRGRV*UXSRV)DPLOLDUHVHWDQWRDVFDWDGRUDVGHUHIHUrQFLDFRPTXHPIRL
FULDGR YtQFXOR QR HVSDoR GH WUDEDOKR TXDQWR VHXV F{QMXJHV HUDP FDWDGRUHV GD
&223(59,'$
2SHUILOVRFLRHFRQ{PLFRGDVIDPtOLDVHQWUHYLVWDGDVREWLGRDSDUWLUGRSULPHLUREORFR
GHTXHVW}HVGRURWHLURGHHQWUHYLVWDVVHUiDSUHVHQWDGRQRVUHVXOWDGRV

75$%$/+2'(&$032$2%6(59$d23$57,&,3$17(

6HYHULQR DILUPD TXH QD SHVTXLVD GH FDPSR DERUGDVH R REMHWR IRQWH GD
SHVTXLVD HP VHX DPELHQWH H FRQWH[WR SRLV WXGR TXH OKH HQYROYH GHYH VHU REVHUYDGR FRPR
UHDOPHQWH RFRUUH HP FRQGLo}HV QDWXUDLV (OD SRVVLELOLWD LQYHVWLJDU VRE GLYHUVRV DVSHFWRV
WDQWRLQGLYtGXRVTXDQWRJUXSRVHRXWUDVLQVWLWXLo}HV
3DUDRWUDEDOKRGHFDPSRIRLXWLOL]DGDDWpFQLFDGDREVHUYDomRSDUWLFLSDQWHVHJXQGRD
TXDORSHVTXLVDGRUGHYHVHLQVHULUQRJUXSRTXHHVWiREVHUYDQGRFRPRVHIL]HVVHSDUWHGHOH
$WUDYpV GHVVD SDUWLFLSDomR GR FRWLGLDQR EXVFDVH VLJQLILFDU FRPR p HVWDU DOL YDORUL]DQGR D
LQWHUDomRVRFLDO'HVWDFDVHQHVVDWpFQLFDDLPSRUWkQFLDGHFRQKHFHUDFXOWXUDJHUDOGRJUXSR
EHPFRPRDVIRUPDVFRPRHOHVHH[SUHVVDHFRPSUHHQGHVXDVLWXDomRSDUDTXHVHMDSRVVtYHO
EB
HQWHQGHU VHXV PRWLYRV H VHQWLPHQWRV 3DUD WRUQDU SRVVtYHO D FRPSUHHQVmR GDV LQWHUUHODo}HV
SHVVRDLV SUHVHQWHV QHVWH PHLR p QHFHVViULR FRQKHFHU DV UHJUDV H[LVWHQWHV LPSOtFLWDV RX
H[SOtFLWDVHRFRPSRUWDPHQWRGRVPHPEURVGRJUXSRHPUHODomRDHVWDVUHJUDV 48(,52=HW
DO
3DUD TXH D REVHUYDomR SDUWLFLSDQWH VHMD YiOLGD FRPR WpFQLFD GH FROHWD GH GDGRV
GHYHPVHSODQHMDUEHPRVSURFHGLPHQWRVDVHUHPUHDOL]DGRVRVTXDLVLQFOXHPDGHILQLomRGR
TXHHFRPRREVHUYDU$REVHUYDomRSDUWLFLSDQWHSRVVLELOLWDDLQGDSHORFRQWDWRGRSHVTXLVDGRU
FRPRREMHWRGHSHVTXLVDDFRPSUHHQVmRVREUHRTXHRVVXMHLWRVDWULEXHPFRPRVLJQLILFDGR
jVVXDVDo}HV /h'.($1'5e
(VWD WpFQLFD SHUPLWH HQWmR PDLV GR TXH REVHUYDU D URWLQD GH WUDEDOKR PDV WDPEpP
FRPSUHHQGHU R SRUTXr GHOD RFRUUHU GH GHWHUPLQDGD IRUPD FRQVLGHUDQGR R FRQWH[WR GR
HPSUHHQGLPHQWR VXD FXOWXUD JHUDO H R FRQKHFLPHQWR GRV FDWDGRUHV VREUH D QDWXUH]D H
FRQVWLWXLomR GH VHX HPSUHHQGLPHQWR 2 FRQKHFLPHQWRGRV FRRSHUDGRV VREUH R XQLYHUVR HP
TXH HVWmR LQVHULGRV p GH H[WUHPD LPSRUWkQFLD SDUD D GHILQLomR GH FRPR HOH DWXDUi QR
HPSUHHQGLPHQWR ([LVWHP DOJXPDV GLILFXOGDGHV VREUH HVVD FRPSUHHQVmR GHYLGR DR IDWR GD
RUJDQL]DomR FRRSHUDWLYD VHU GLIHUHQWH GD FDSLWDOLVWD D TXDO R LQGLYtGXR HVWi DFRVWXPDGR D
FRQYLYHU DQWHV GH DGHULU DR HPSUHHQGLPHQWR 0XGDU VXDV DWLWXGHV VREUH R SURFHVVR GH
WUDEDOKRpXPH[HUFtFLRFRQVWDQWHHGHPDQGDLQWHUHVVHGRWUDEDOKDGRU
1D DSOLFDomR GD WpFQLFD GD REVHUYDomR SDUWLFLSDQWH R REVHUYDGRU SRGH DVVXPLU
GLYHUVDV SRVLo}HV GHSHQGHQGR GD VLWXDomR TXH SUHWHQGH SDUWLFLSDU (OH SRGH VH LQVHULU QR
DPELHQWHHVWXGDGRFRPRRSDUWLFLSDQWHWRWDORSDUWLFLSDQWHFRPRREVHUYDGRURREVHUYDGRU
FRPRSDUWLFLSDQWHRREVHUYDGRUWRWDO *2/'0,1$<2
1D VLWXDomR GHVVH WUDEDOKR D PRGDOLGDGH GH REVHUYDGRU HVFROKLGD IRL D GR
³REVHUYDGRUFRPRSDUWLFLSDQWH´(VWHWLSRGHREVHUYDGRUGHVHQYROYHUHODo}HVUiSLGDVHVHP
PXLWD SURIXQGLGDGH GHVHQYROYHQGR D REVHUYDomR GH PRGR PDLV IRUPDO (VWD PRGDOLGDGH p
DGHTXDGD SDUD R FRPSOHPHQWR GH HQWUHYLVWDV H SRU LVVR IRL D HVFROKLGD *2/'
0,1$<2 $VVLP KRXYH SDUWLFLSDomR GR SHVTXLVDGRU QR FRWLGLDQR GH WUDEDOKR
SULQFLSDOPHQWHQDVDWLYLGDGHVHQRVPRPHQWRVGHOD]HUGRVFDWDGRUHVFRRSHUDGRV
$QWHV GH LQLFLDU D REVHUYDomR D SUHVLGHQWD GD FRRSHUDWLYD DVVLQRX XPD GHFODUDomR
DXWRUL]DQGRDUHDOL]DomRGDSHVTXLVDHDSHUPDQrQFLDGRSHVTXLVDGRUQRHVSDoRGHWUDEDOKR
EHPFRPRVXDSDUWLFLSDomRQDVDWLYLGDGHV

9HU$QH[R2WtWXORGDSHVTXLVDTXHFRQVWDQRGRFXPHQWR ³6D~GHPHQWDOHHFRQRPLDVROLGiULDXPHVWXGR
FRPIDPtOLDVGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV´ IRLRSULPHLURSURSRVWRDQWHVGDGHILQLomRGRWtWXORDWXDO
E

1RWRWDOIRUDPUHDOL]DGDVGH]YLVLWDVHPXPSHUtRGRGHFLQFRPHVHVHQWUHDJRVWRH
GH]HPEUR GH VRPDQGR XP WRWDO GH DSUR[LPDGDPHQWH YLQWH KRUDV MXQWR DR FDPSR GH
SHVTXLVD
(VWD DSUR[LPDomR FRP D FRRSHUDWLYD IRL IDFLOLWDGD SHOD LQVHUomR GR SHVTXLVDGRU QR
JUXSR GD OLQKD GH DomR ³(GXFDomR 6D~GH H &LGDGDQLD´ GR 1X0,(FRVRO $ SDUWLU GH XPD
UHXQLmR UHDOL]DGD HQWUH HVVH JUXSR H D SUHVLGHQWD GD &223(59,'$ D UHODomR HQWUH R
SHVTXLVDGRUHRHPSUHHQGLPHQWRIRLVHQGRFRQVWLWXtGDRTXHSRVVLELOLWRXDDSUHVHQWDomRGR
SURMHWRGHSHVTXLVDHDFRQVHTXHQWHDFHLWDomRSRUSDUWHGRHPSUHHQGLPHQWRGHTXHHOHIRVVH
GHVHQYROYLGRQRHVSDoRGHWUDEDOKRGDFRRSHUDWLYD$VDWLYLGDGHVUHODFLRQDGDVDHVWHSURMHWR
IRUDPGHVHQYROYLGDVSDUDOHODPHQWHjVDWLYLGDGHVGHSHVTXLVDHH[WHQVmRGR1X0,(FR6RO
'XUDQWHDVYLVLWDVUHODFLRQDGDVjHVWDSHVTXLVDRSHVTXLVDGRUVHLQVHULXQDURWLQDGH
WUDEDOKRFKHJDQGRD UHDOL]DUDOJXPDVDWLYLGDGHV GHWUDEDOKRMXQWRFRPRVFRRSHUDGRV(VWD
DomRSHUPLWLXREVHUYDUFRPRHOHVVHRUJDQL]DYDPGLDULDPHQWHSDUDUHDOL]DUFDGDIXQomREHP
FRPRUHVROYLDPRVSUREOHPDVTXHDSDUHFLDP
3DUDRVUHJLVWURVGHVVDHWDSDGDSHVTXLVDIRLXWLOL]DGRFRPRLQVWUXPHQWRXPGLiULRGH
FDPSR2VUHJLVWURVHUDPIHLWRVLPHGLDWDPHQWHDSyVDLQWHUYHQomRQRHPSUHHQGLPHQWRHHOHV
UHPHWLDPVH D DFRQWHFLPHQWRV JHUDLV DR UHODFLRQDPHQWR HQWUH RV FDWDGRUHV H GRV FDWDGRUHV
FRP R SHVTXLVDGRU j RUJDQL]DomR GR SURFHVVR GH WUDEDOKR H DRV LQGtFLRV GRV SULQFtSLRV GD
HFRQRPLDVROLGiULDHGRFRRSHUDWLYLVPRSHUPHDQGRRFRPSRUWDPHQWRGRVFRRSHUDGRV
2V GDGRV GHVWHV GLiULRV IRUDP DQDOLVDGRV H RUJDQL]DGRV FRQVLGHUDQGR RV SULQFtSLRV
HFRQ{PLFRVROLGiULRV SDUD TXH SRVWHULRUPHQWH R FRQWH~GR GDV HQWUHYLVWDV SXGHVVH VHU
DQDOLVDGRDSDUWLUGRJUDXGHPDWXULGDGHDSUHVHQWDGRSHORHPSUHHQGLPHQWRHPUHODomRDHVWHV
SULQFtSLRVHDRPRPHQWRYLYHQFLDGR

+,67Ï5,$25$/7(0È7,&$
(QTXDQWR PHWRGRORJLD D KLVWyULD RUDO EXVFD UHVSRQGHU LQGDJDo}HV GH XP SURMHWR
DWUDYpV GH DQiOLVHV GH GRFXPHQWRV HODERUDGRV QR GHVHQYROYLPHQWR GD SHVTXLVD /$1*
(OD p PXLWR XWLOL]DGD HP HVWXGRV TXDOLWDWLYRV SRU SHUPLWLU D UHYHODomR GH UHODo}HV
VRFLDLV D SDUWLU GD H[SHULrQFLD GH YLGD GR VXMHLWR SHOD FRQVLGHUDomR GH VXD FXOWXUD
5,*2772
3DUD 0HLK\ D +LVWyULD 2UDO p FRQVLGHUDGD XPD DOWHUQDWLYD j KLVWyULD
FRQYHQFLRQDO R TXH FRQWHPSORX RV LQWHUHVVHV GHVVD SHVTXLVD FRQVLGHUDQGR D DERUGDJHP
EA
&762VHQWLGRSUHVHQWHQHVWDUHODomRVHUHPHWHDRIDWRGHXPDGDVFRQVLGHUDo}HVSULQFLSDLV
GHVVHWUDEDOKRVHUDDSUHFLDomRGDSHUFHSomRGRVVXMHLWRVGDSHVTXLVDFRPRLPSRUWDQWHSDUD
DQDOLVDUDSURGXomRFLHQWtILFDUHODWLYDjHFRQRPLDVROLGiULD(VWHPpWRGRHPFRQMXQWRFRPDV
WpFQLFDVDSOLFDGDVGHPDUFDVHFRPRXPPHLRGHLQFOXLUDVRFLHGDGHQDSURGXomRHDYDOLDomR
GHSURFHGLPHQWRVFLHQWtILFRVHWHFQROyJLFRV
([LVWHP TXHVWLRQDPHQWRV TXDQWR j KLVWyULD RUDO VHU XP PpWRGR KDYHQGR TXHP
GHIHQGD TXH HOD VHMD XPD WpFQLFD GH FDSWDomR GH GDGRV 3RUpP HOD VH XWLOL]D GH WpFQLFDV H
REMHWLYRVEHPGHOLPLWDGRVRTXHID]GLYHUVRVHVWXGLRVRVDGHILQLUHPFRPRXPPpWRGRHHVWD
pDSHUVSHFWLYDDTXLXWLOL]DGD
0HLK\ DSRQWDRLPSRUWDQWHIDWRGHTXHHODFRQWULEXLSDUDDUHJLRQDOL]DomRGRV
IDWRVWLUDQGRRVGHXPOXJDUJHQHUDOL]DGRHIRUWDOHFHQGRVXDUHODomRFRPRPHLRDFDGrPLFR
SHOD SRVVLELOLGDGH GH VH IRFDU HP XP GHWHUPLQDGR ORFDO FRRSHUDQGR FRP R VHX
GHVHQYROYLPHQWR

&RPRSUHVVXSRVWRDKLVWyULDRUDOLPSOLFDXPDSHUFHSomRGRSDVVDGRFRPR
DOJRTXHWHPFRQWLQXLGDGHKRMHHFXMRSURFHVVRKLVWyULFRQmRHVWiDFDEDGRe
LVVR TXH D PDUFD FRPR KLVWyULD YLYD $ SUHVHQoD GR SDVVDGR QR SUHVHQWH
LPHGLDWRGDVSHVVRDVpUD]mRGHVHUGDKLVWyULDRUDO1HVVDPHGLGDHODQmR
Vy RIHUHFH XPD PXGDQoD QR FRQFHLWR GH KLVWyULD PDV PDLV GR TXH LVVR
JDUDQWHVHQWLGRVRFLDOjYLGDGHGHSRHQWHVHOHLWRUHVTXHSDVVDPDHQWHQGHUD
VHTXrQFLD KLVWyULFD HVH VHQWHP SDUWHGR FRQWH[WR HP TXH YLYHP 0(,+<
S

3DUD /DQJ HOD SRGH VHU XWLOL]DGD HP GLYHUVDV iUHDV GR FRQKHFLPHQWR R TXH
SURYRFDGLYHUJrQFLDVGHSHQVDPHQWRPDVHPXPFRQVHQVRHODpXWLOL]DGDHPSHVTXLVDVTXH
VHEDVHLDPHPUHODWRVRUDLVFRPRDVLQIRUPDo}HVFROHWDGDVHPHQWUHYLVWDV
5HFRQKHFHQGR D H[LVWrQFLD GH GLYHUVDV PRGDOLGDGHV GH KLVWyULD RUDO HVFROKHXVH D
KLVWyULDRUDOWHPiWLFDTXHGHDFRUGRFRP0HLK\ S GHFRUUHGH³>@XPDVVXQWR
HVSHFtILFRHSUHYLDPHQWHHVWDEHOHFLGR>@HDLQGD³>@VHFRPSURPHWHFRPRHVFODUHFLPHQWR
RXRSLQLmRGRHQWUHYLVWDGRVREUHDOJXPHYHQWRGHILQLGR´
(VWDPRGDOLGDGHGDKLVWyULDRUDOpSHUPHDGDSRUXPDPDLRUREMHWLYLGDGHTXHQRFDVR
GHVVD SHVTXLVD IRL DSRLDGD HP XP URWHLUR GH HQWUHYLVWDV VHPLHVWUXWXUDGR GH IRUPD TXH R
GHSRLPHQWR FROKLGR IRVVH XVDQGR RV WHUPRV GH0HLK\ GLUHWR H GHGXWLYR SRVVXLQGR
TXHVW}HVFRQWH[WXDOL]DGDVTXHYLVDYDPDSURIXQGDUHPGHWHUPLQDGRDVVXQWR
1mRVHEXVFDHQWmRDKLVWyULDRUDOWRWDOVREUHDHFRQRPLDVROLGiULDQDYLGDGRFDWDGRU
PDVVLPDVLQIOXrQFLDVQDGLQkPLFDIDPLOLDUDSDUWLUGDLQVHUomRGRLQGLYtGXRHPXP((63RU
HVVHPRWLYRIRLHVFROKLGDFRPRPpWRGRDKLVWyULDRUDOWHPiWLFD
E

2 URWHLUR GH HQWUHYLVWDV VHPLHVWUXWXUDGR EXVFD LQFLWDU UHODWRV DXWRELRJUiILFRV TXH

SRVVLELOLWDUDP REVHUYDU FRPR DFRQWHFHP DV UHODo}HV GHQWUR GD HVWUXWXUD IDPLOLDU H DV
SRVVtYHLV FRQVLGHUDo}HV GH VHXV PHPEURV VREUH R DVVXQWR WUDWDGR SRU PHLR GH XP UHVJDWH
KLVWyULFR0HLK\ S FRQVLGHUDTXHDHQWUHYLVWDWHPiWLFD³>@pDQDUUDWLYDGHXPD
YHUVmR GR IDWR >@´ ( HVWD YHUVmR p HVVHQFLDO SDUD FRPSRU DV SHVTXLVDV FLHQWtILFDV H
GLUHFLRQDURGHVHQYROYLPHQWRWHFQROyJLFR
3DUD 0HLK\ H[LVWH XPD PHPyULD LQGLYLGXDO TXH VH UHODFLRQD D H[SHULrQFLDV
SDUWLFXODUHV H FRJQLWLYDV H XPD FROHWLYD TXH VH UHPHWH D TXHVW}HV FXOWXUDLV H FRPSUHHQGH
HOHPHQWRVH[WHUQRVSRGHQGRVHUHIHULUjLGHQWLGDGHGHXPJUXSRHVSHFtILFR$VPHPyULDVVH
RUJDQL]DPHPXPDOyJLFDVXEMHWLYDVHJXQGRDTXDOVmRVHOHFLRQDGRVHDUWLFXODGRVHOHPHQWRV
TXHQmRVmRH[DWDPHQWHRVIDWRVREMHWLYRV 0(,+<
6DEHVHTXHVHQGRLQIOXHQFLDGRLQLFLDOPHQWHSHODRUJDQL]DomRIDPLOLDUpQDVRFLHGDGH
TXH R LQGLYtGXR VH WRUQD VXMHLWR DWUDYpV GH GLYHUVDV LQWHUDo}HV 6XD KLVWyULD SDUWLFXODU
LQWHUIHUHQHVVDHVIHUDVRFLDOEHPFRPRHPLQVWLWXLo}HVGDVTXDLVSDUWLFLSDVHQGRDWRUDWLYRQD
SURGXomRGHFXOWXUDGHVHXPHLRDRPHVPRWHPSRHPTXHpDWLQJLGRSRUHVVDFXOWXUD$VVLP
FRQVLGHUDVHLPSRUWDQWHFRPSUHHQGHUDIRUPDFRPRRLQGLYtGXRHQ[HUJDVXEMHWLYDPHQWHVXD
KLVWyULD *21d$/9(6/,6%2$
1HVVH VHQWLGR HQTXDQWR SHVTXLVD TXDOLWDWLYD HVWH WUDEDOKR WHP SRWHQFLDOLGDGH GH
UHODFLRQDU j HVWUXWXUD VRFLDO TXHVW}HV SHVVRDLV H VXEMHWLYDV $V H[SHULrQFLDV YLYHQFLDGDV
GHYHP WHU HVSDoR SDUD VHUHP QDUUDGDV QD WHQWDWLYD GH HYLWDU TXH HVWDV PHPyULDV FDLDP QR
HVTXHFLPHQWR )5(,7$6 1(9(6 SRLV ID]HP SDUWH GH XP PRPHQWR KLVWyULFR
LPSRUWDQWHTXHQHFHVVLWDGHLQGLFDWLYRVSDUDVHMXVWLILFDU
1DSHVTXLVDHPTXHVWmRRWHPDSULQFLSDOpDHFRQRPLDVROLGiULDHRFRRSHUDWLYLVPR
³HQWUDQGR´QDYLGDGRVFDWDGRUHVFRQVLGHUDQGRVHKiPXGDQoDVQDGLQkPLFDIDPLOLDUDQWHVH
GHSRLV GHVVH DFRQWHFLPHQWR $ IDPtOLD HQTXDQWR PHGLDGRUD GD UHODomR GR LQGLYtGXR FRP D
VRFLHGDGHDSDUHFHFRPRLPSRUWDQWHQRPRPHQWRGHVHUFRQVLGHUDGDQRUHODWRGDKLVWyULDTXH
DFRPSDQKD D LQVHUomR GR FDWDGRU QR HPSUHHQGLPHQWR SULQFLSDOPHQWH SRU HVWHV UHODWRV
WUD]HUHPLQGLFDWLYRVGHFRPRIXQFLRQDHVVDGLQkPLFDGHVVDIDPtOLD
&RPR IRUDP UHDOL]DGDV HQWUHYLVWDV FRP WUrV IDPtOLDV VHUi SRVVtYHO UHDOL]DU XPD
FRPSDUDomR HQWUH DV DQiOLVHV GDV KLVWyULDV QDUUDGDV R TXH IRUQHFHUi LQIRUPDo}HV VREUH
FRHUrQFLDVHGLYHUJrQFLDVHQWUHDPEDVDPSOLDQGRDVSRVVLELOLGDGHVGHDQiOLVH
'HVVH PRGR HVWH PpWRGR VH GHPRQVWUD DGHTXDGR D HVWH WUDEDOKR VHQGR FRQGL]HQWH
FRPVXDSURSRVWDHREMHWLYRVGHOLPLWDGRV

EJ
$VHQWUHYLVWDVVHPLHVWUXWXUDGDV

2 URWHLUR GH HQWUHYLVWD IRL HODERUDGR D SDUWLU GRV REMHWLYRV GHOLPLWDGRV EXVFDQGR
UHVSRVWDVSDUDHOHVeLPSRUWDQWHUHVVDOWDUTXHDOJXQVREMHWLYRVSXGHUDPVHUUHVSRQGLGRVFRP
R WUDEDOKR GH FDPSR H RXWURV DWUDYpV GD FRQIURQWDomR HQWUH RV GDGRV GR FDPSR H GDV
HQWUHYLVWDV
$QWHV GH LQLFLDU DV HQWUHYLVWDV IRL UHDOL]DGD D OHLWXUD GR 7&/( R TXDO DSyV VHUHP
VDQDGDVWRGDVDVG~YLGDVHFRQFRUGDGRHPSDUWLFLSDUGDSHVTXLVDRVFRODERUDGRUHVDVVLQDUDP
GDQGRVXDDQXrQFLDGHSDUWLFLSDomRQDSHVTXLVD
2URWHLURIRLGLYLGLGRHPFLQFREORFRVGHSHUJXQWDVVHQGRGHQRPLQDGRVGHEORFRV$
%&'H(
2EORFR$IRLFRQVWLWXtGRGHSHUJXQWDVUHODWLYDVjVLWXDomRVRFLRHFRQ{PLFDGDIDPtOLD
SRVVLELOLWDQGR WDPEpP WUDoDU R SHUILO GRV VXMHLWRV )RUDP IHLWDV VHWH SHUJXQWDV
LQGLYLGXDOPHQWHHGXDVJHUDLVVHQGRTXHDVSULPHLUDVVHUHPHWLDPDRSHUILOLQGLYLGXDOHDV
GXDV~OWLPDVVHUHIHULDPjUHQGDJHUDOGDFDVDHDSURYHQLrQFLDGHVXDPDLRUSDUWH
(VWHSULPHLUREORFRIRLLPSRUWDQWHSRUSHUPLWLUWUDoDURSHUILOGRVLQGLYtGXRVHDVVLP
GDIDPtOLDQRTXHGL]UHVSHLWRjHVFRODULGDGHHVWDGRFLYLORFXSDomRLGDGHHJRVWRVSHVVRDLV
3RVVLELOLWRX WDPEpP VDEHU VH PDLV DOJXP PHPEUR IDPLOLDU SDUWLFLSDYD GH DOJXP JUXSR
DVVRFLDWLYRRXFRRSHUDWLYR
2EORFRGHSHUJXQWDV%IRLGLUHFLRQDGRDRFDWDGRUQDLQWHQomRGHTXHHOHGHVFUHYHVVH
D SDUWLU GH VXDV H[SHULrQFLDV FRWLGLDQDV D URWLQD TXH HOH WLQKD DQWHV H DSyV HQWUDU QD
&223(59,'$ (VWH EORFR WDPEpP SHUPLWLX WHU FRQKHFLPHQWR VREUH TXDQGR H FRPR R
FDWDGRUFRPHoRXDSDUWLFLSDUGDFRRSHUDWLYDEHPFRPRVREUHRPRWLYRTXHIH]RFDWDGRUVH
LQVHULU QR HPSUHHQGLPHQWR FRPR LVVR RFRUUHX H VH HVWD PXGDQoD IRL SRVLWLYD RX QHJDWLYD
(VWDFRQWH[WXDOL]DomRS{GHFRQWULEXLUFRPDFDUDFWHUL]DomRGRDWXDOSHUILOGRVFDWDGRUHV
-i R EORFR GH SHUJXQWDV & IRL UHVSRQGLGR SRU WRGR R JUXSR IDPLOLDU (OH FRQWLQKD
SHUJXQWDVUHODFLRQDGDVjVSHUFHSo}HVJHUDLVVREUHDYLGDIDPLOLDUDQWHVHDSyVDLQVHUomRGR
FDWDGRUGHUHIHUrQFLDQD&223(59,'$&RPHVWHEORFRFRPSUHHQGHXVHDYLVmRGDIDPtOLD
VREUH R WUDEDOKR GR FDWDGRU H D SHUFHSomR TXH D IDPtOLD WLQKD VREUH FRPR RXWUDV SHVVRDV
HQ[HUJDPHVVHWUDEDOKRDIDPtOLDPDQLIHVWRXVXDRSLQLmRVREUHVHRFDWDGRUPXGRXVXDIRUPD
GHLQWHUDJLUFRPR JUXSRIDPLOLDU DSyV DLQVHUomRQR((6HIRLSRVVtYHOVDEHUVHDIDPtOLD
FRQYHUVDYDVREUHHFRQRPLDVROLGiULDHPFDVD

9HU$SrQGLFH1RPRPHQWRGDVHQWUHYLVWDVHVWDSHVTXLVDDLQGDHVWDYDFRPVXDGHQRPLQDomRDQWLJD6D~GH
PHQWDOHHFRQRPLDVROLGiULDXPHVWXGRFRPIDPtOLDVGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLV
EF

(VWH DVSHFWR SRVVXL XPD LPSRUWkQFLD FHQWUDO QR TXHVWLRQiULR 6DEHU VH D IDPtOLD
FRQYHUVDYD VREUH HFRQRPLD VROLGiULD p HVVHQFLDO SDUD DQDOLVDU VXD FRPSUHHQVmR VREUH D
LQVHUomRGRFDWDGRUHPXP((6(VWHFRQKHFLPHQWRWDPEpPSRGHLQGLFDUVHDRUJDQL]DomRGR
WUDEDOKRHFRQ{PLFRVROLGiULRSRUVLMiLQIOXHQFLDQRFRPSRUWDPHQWRGRFDWDGRU,VVRSRLVVH
D IDPtOLD LQGLFDU PXGDQoDV QR FRPSRUWDPHQWR H HVWHV VH FDUDFWHUL]DUHP FRPR VROLGiULRV
PHVPRVHPVDEHUGHILQLURTXHpHFRQRPLDVROLGiULDSRGHVHGL]HUTXHRLQGLYtGXRDEVRUYHX
HVVDVLQIOXrQFLDVGHVHXWUDEDOKR
$VSHUJXQWDVGREORFR'IRUDPFRQVWUXtGDVYLVDQGRFRPSUHHQGHUDGLQkPLFDIDPLOLDU
D SDUWLU GD RUJDQL]DomR FRWLGLDQD GD FDVD H GD GHILQLomR GH SDSpLV $V SHUJXQWDV UHDOL]DGDV
EXVFDYDP WDPEpP HQWHQGHU VH RV SULQFtSLRV HFRQ{PLFRVROLGiULRV LQIOXHQFLDYDP QHVVDV
GHFLV}HV)RUDPUHDOL]DGDVSHUJXQWDVWDPEpPVREUHDVD~GHJHUDOHDVD~GHPHQWDOGRJUXSR
IDPLOLDUEXVFDQGRHQWHQGHUFRPRHOHVOLGDUDPFRPHVVHVSUREOHPDVDQWHVRXDSyVDLQVHUomR
GRFDWDGRUQDFRRSHUDWLYD
4XDQGR XP LQGLYtGXR PXGD VHX PRGR GH SHQVDU H DJLU HOH DFDED LQIOXHQFLDQGR
WDPEpPRGHVXDIDPtOLDSRGHQGRSURYRFDUDOWHUDo}HVQDGLQkPLFDIDPLOLDU$RUJDQL]DomR
GHVWDGLQkPLFDUHIOHWHGHFHUWDIRUPDQDVD~GHItVLFDHPHQWDOGRLQGLYtGXRHSRULVVRIRUDP
UHDOL]DGDV SHUJXQWDV VREUH LVVR $V UHVSRVWDV SRGHUmR LQGLFDU QR FDVR GH KDYHU DOJXP
SUREOHPDGHVD~GHQDIDPtOLDFRPRHODOLGRXFRPLVVRDQWHVHDSyVRFRQWDWRGRFDWDGRUFRP
DHFRQRPLDVROLGiULD
2~OWLPREORFRGHSHUJXQWDVR(IRLFRQVWLWXtGRQRLQWXLWRGHHVWLPXODURVVXMHLWRVD
IDODUOLYUHPHQWHVREUHTXDOTXHUDVVXQWRTXHHOHVUHODFLRQDVVHPFRPDLQVHUomRGRFDWDGRUQD
FRRSHUDWLYD)RUDPLQGLFDGRVFRPRH[HPSORVGLVSDUDGRUHVRDFHVVRDRVVHUYLoRVS~EOLFRVHP
JHUDOHRFRQYtYLRVRFLDO
2FRQMXQWRGHUHVSRVWDVSRVVLELOLWRXUHVSRQGHUDRREMHWLYRHVSHFtILFR³&DUDFWHUL]DUD
GLQkPLFD IDPLOLDU GRV FDWDGRUHV QR SHUtRGR DQWHULRU H SRVWHULRU j LQVHUomR GRV FDWDGRUHV QR
HPSUHHQGLPHQWRHFRQ{PLFRVROLGiULR´
$V SHUJXQWDV IRUDP IHLWDV VHJXLQGR R URWHLUR EHP FRPR D OLQJXDJHP XWLOL]DGD SDUD
GHVHQYROYrOR Mi TXH R URWHLUR KDYLD VLGR WHVWDGR DQWHULRUPHQWH QD HQWUHYLVWD SLORWR SRUpP
LVVRQmRIRLIHLWRGHIRUPDUtJLGD2XVHMDEXVFRXVHFULDUXPDVLWXDomRGHFRQYHUVDHPTXH
RV VXMHLWRV ILFDVVHP FRQIRUWiYHLV 4XDQGR DSDUHFLDP G~YLGDV GRV HQWUHYLVWDGRV VREUH R TXH
IRLSHUJXQWDGRDIRUPDGHSHUJXQWDUHUDUHHODERUDGDQRPRPHQWRSURSLFLDQGRXPDPHOKRU
FRPSUHHQVmR SDUD DTXHOH LQGLYtGXR 4XDQGR D G~YLGD HUD GR HQWUHYLVWDGRU HOH WDPEpP
UHID]LD D SHUJXQWD RX HODERUDYD XPD QRYD FRPR IRUPD GH FRPSOHPHQWDU RX FODULILFDU D
UHVSRVWDGDGDSHORHQWUHYLVWDGR
E
2VUHVXOWDGRVGDHQWUHYLVWDFRQVLGHUDGDSLORWRQmRHQWUDUDPQDVDQiOLVHVSRLVDSHVDU
GH SHUPLWLUHP HQWHQGHU TXH R URWHLUR HVWDYD DGHTXDGR DR FRQWH[WR KRXYH GLYHUVDV
LQWHUIHUrQFLDV HP UHODomR DR DPELHQWH RQGH D HQWUHYLVWD IRL UHDOL]DGD R TXH SUHMXGLFRX D
REWHQomR GRV GDGRV 8P H[HPSOR GH LQWHUIHUrQFLD IRL D FKHJDGD GH GXDV ILOKDV GD FDWDGRUD
TXDQWR D HQWUHYLVWD Mi DFRQWHFLD Ki DOJXP WHPSR XPD TXH SRVVXtD RXWURQ~FOHR IDPLOLDU Ki
PDLV RX PHQRV QRYH DQRV H RXWUD TXH SULPHLUDPHQWH QmR TXHULD SDUWLFLSDU GD HQWUHYLVWD H
GHSRLV VH MXQWRX DR JUXSR $ UHSHUFXVVmR QHJDWLYD TXH LVWR WHYH IRUDP IDODV
GHVFRQWH[WXDOL]DGDV H GHVYLRV GH DWHQomR SDUD DVVXQWRV TXH QmR WLQKDP UHODomR FRP D
SURSRVWD
$EDL[R QR 4XDGUR HQFRQWUDVH XP WUHFKR H[WUDtGR GH XPD HQWUHYLVWD TXH LOXVWUD
FRPRDVSHUJXQWDVHUDPUHDOL]DGDV

>@ $QWHV D JHQWH SHQVDYD TXH WDYD VR]LQKR Qp" 0DV DJRUD QR PRPHQWR GH GLILFXOGDGH TXH D
&223(59,'$WHPSDVVDGRQHVVHV~OWLPRVPHVHVDJHQWHYLXTXHWHPPXLWDVSHVVRDVTXHVHLPSRUWDPWDQWR
FRPDFRRSHUDWLYDFRPRQRVVRWUDEDOKRTXDQWRFRPpYLURXXPDFRLVDVRFLDOPHVPRQp">@
0DLVDOJXPDFRLVD"
-iIDORXWXGRMi ULVDGDV (ODMiIDORXWXGR
e ULVDGDV
(YRFrVFRQYHUVDPVREUHHFRQRPLDVROLGiULDDTXLQDFDVDGHYRFrV"
,FKLQHPIDOD4XDQGRHODFKHJDGDIHLUDGRIyUXPHODIDODWXGR'LUHWR
ULVDGDV pTXHQRUPDOPHQWHHXSDUWLFLSRXPSRXFRPDLVGRTXHHOHQp">@
(RTXHpTXHYRFrVVDEHPVREUHHFRQRPLDVROLGiULDHSHQVDPVREUHHOD"
$KHDJRUD" ULVDGDV

$7UDQVFULDomR

2 SURFHVVR GH WUDQVFULDU p PDLV GR TXH WUDQVFUHYHU OLWHUDOPHQWH XPD HQWUHYLVWD $
WUDQVFULomRID]SDUWHGRSURFHVVRGHWUDQVFULDomRSRUpPpDSHQDVXPDIDVHLQLFLDO(QWUHXP
SURFHVVRHRXWURDLQGDpUHDOL]DGDDWH[WXDOL]DomR
(QTXDQWRQDWUDQVFULomRSDVVDVHSDUDDSDODYUDHVFULWD³DRSpGDOHWUD´RTXHIRLGLWR
SHORLQWHUORFXWRUGXUDQWHXPDHQWUHYLVWDQDWH[WXDOL]DomRHVWDWUDQVFULomRpWUDQVIRUPDGDHP
XP WH[WR HODERUDGR HP SULPHLUD SHVVRD 3DUD LVVR VmR LGHQWLILFDGDV DV TXHVW}HV FHQWUDLV GD
HQWUHYLVWD D SDUWLU GD YLVmR GR HQWUHYLVWDGRU TXH UHHVFUHYH D SDUWLU GD VXD FRPSUHHQVmR DV
IDODVGDVHQWUHYLVWDVHPXPWH[WRPDLVOLYUHHGHOLQJXDJHPQmRWpFQLFD2XVHMDDHVVrQFLD
GDHQWUHYLVWDpVLQWHWL]DGD 0(,+<
E

$SyVRFRUUHUDWH[WXDOL]DomRFKHJDVHDRPRPHQWRGHWUDQVFULDURSHVTXLVDGRULQFOXL
QHVVHWH[WRDVHPRo}HVYLYHQFLDGDVQRPRPHQWRGDHQWUHYLVWD$SyVILQDOL]DUHVVHWH[WRHOHp
DSUHVHQWDGR DR LQWHUORFXWRU H OLGR FRQMXQWDPHQWH SDUD TXH SRVVD VHU YDOLGDGR SHOR
HQWUHYLVWDGR e SRVVtYHO UHDOL]DU DOWHUDo}HV R TXH WRUQD HVVH WH[WR ILQDO HP XPD FRQVWUXomR
FRODERUDWLYD 0(,+<
3DUD0HLK\DWUDQVFULDomRp

>@ D IDVH ILQDO GR WUDEDOKR GRV GLVFXUVRV >@ 7HDWUDOL]DQGR R TXH IRL
GLWRUHFULDQGRVHDDWPRVIHUDGDHQWUHYLVWDSURFXUDVHWUD]HUDROHLWRUR
PXQGRGHVHQVDo}HVSURYRFDGDVSHORFRQWDWRHFRPRpHYLGHQWHLVVRQmR
RFRUUHULD UHSURGX]LQGRVH R TXH IRL GLWR SDODYUD SRU SDODYUD >@ WHP
FRPRILWRWUD]HUDROHLWRUDDXUDGRPRPHQWRGDJUDYDomR>@2ID]HUGR
QRYRWH[WRSHUPLWHTXHVHSHQVHDHQWUHYLVWDFRPRDOJRILFFLRQDOHVHP
FRQVWUDQJLPHQWRVH DFHLWDHVWD FRQGLomR QROXJDU GHXPD FLHQWLILFLGDGH
TXH VHULD PDLV SRVWLoD &RP LVVR YDORUL]DVH D QDUUDWLYD HQTXDQWR XP
HOHPHQWR FRPXQLFDWLYR SUHQKH GH VXJHVW}HV >@ 1HVWH SURFHGLPHQWR
XPD DWLWXGH VH WRUQD YLWDO D OHJLWLPDomR GDV HQWUHYLVWDV SRU SDUWH GRV
GHSRHQWHV S

'H DFRUGR FRP HVWD GHILQLomR SRGHVH GL]HU TXH D WUDQVFULDomR SRVVLELOLWD DRV
HVWXGRVFLHQWtILFRVXWLOL]DUGDGRVGRVDEHUSRSXODUPRVWUDQGRRXWUDIRUPDGHVHSHQVDUXP
REMHWR2VUHVXOWDGRVGDVWUDQVFULDo}HVGHYHPVHULQFOXtGRVQDVDQiOLVHVHFRPSDUDo}HVGDV
EDVHV WHyULFDV XWLOL]DGDV VHQGR FRQVLGHUDGR XP FRQKHFLPHQWR DGLFLRQDO H QmR PHQRV
LPSRUWDQWH
0DLV GR TXH LVVR R SURFHVVR GH WUDQVFULDU SHUPLWH SHOD VXD OLQJXDJHP QmR
FLHQWtILFDDSUR[LPDUDSRSXODomRGRSURFHVVRGHGHVHQYROYLPHQWRHFRQWUROHFLHQWtILFRD
SDUWLU GD UHOHLWXUD H UHIOH[mR GH VXDV SUySULDV H[SHULrQFLDV (OD VH FRPSURPHWH D VHU XP
WH[WR UHFULDGR SOHQDPHQWH H FRQVLGHUD DV LQWHUIHUrQFLDV GR DXWRU QR WH[WR TXH p UHIHLWR
YiULDVYH]HVGHDFRUGRFRPFRPELQDGRVIHLWRVFRPRFRODERUDGRU 0(,+<
3DUD UHDOL]DU D WUDQVFULDomR IRL IHLWD DQWHULRUPHQWH D WUDQVFULomR OLWHUDO GDV
HQWUHYLVWDV$SyVIRUDPVHOHFLRQDGDVDSHQDVDVIDODVGRVLQWHUORFXWRUHVGHFDGDHQWUHYLVWD
&RP LVVR LQLFLRXVH R SURFHVVR GH WH[WXDOL]DomR HVWDV IDODV IRUDP VHQGR UHHVFULWDV HP
IUDVHV LQWHUOLJDGDV HP SULPHLUD SHVVRD XWLOL]DQGRVH ³HX´ H ³QyV´ SRU VH WUDWDU GH XPD
HQWUHYLVWDIDPLOLDUFRPSHUJXQWDVGHUHVSRVWDVLQGLYLGXDLVHFROHWLYDV 1HVVHSURFHVVRR
WHRU GDV SHUJXQWDV HUD HPEXWLGR QDV IUDVHV TXH ³WH[WXDOL]DYDP´ R VHQWLGR GDV IDODV GR
GHSRHQWH
(VWHWH[WRIRLVHQGRWUDEDOKDGRDWpSRVVXLUXPDVSHFWRGHUHODWRHSDUDFRQFOXtOR
IH]VHDWUDQVFULDomRIUDVHDIUDVHIRLVHQGRLQFOXVRDVLPSUHVV}HVHHPRo}HVYLYHQFLDGDV
GXUDQWH D HQWUHYLVWD SRVVLELOLWDQGR D FULDomR GH XPD KLVWyULD FRP XP DVSHFWR ILFFLRQDO
E
FRPRVXJHUH0HLK\ 3DUDGHL[DURWH[WRIOXLGRHOHIRLWUDEDOKDGRDWpTXHWRGDVDV

UHSHWLo}HVIRVVHPHOLPLQDGDV
(VWH SURFHGLPHQWR IRL UHDOL]DGR FRP DV WUrV HQWUHYLVWDV LQGLYLGXDOPHQWH $SyV D
HODERUDomR GHVVH WH[WR IRUDP DJHQGDGRV QRYRV HQFRQWURV FRP DV IDPtOLDV HP VXDV
UHVLGrQFLDV2VWH[WRVIRUDPOLGRVMXQWDPHQWHFRPRVHQWUHYLVWDGRVSDUDTXHHOHVSXGHVVHP
ID]HU DGHTXDo}HV VH KRXYHVVH HVWUDQKDPHQWR HRX LQFRPSUHHQVmR GDV IDPtOLDV VREUH R
FRQWH~GRDSUHVHQWDGRHYDOLGDVVHPXPIRUPDWRILQDO

)250$'($1È/,6('26'$'26

!

3DUD DQiOLVH GRV GDGRV FROKLGRV HP FDPSR RV TXDLV IRUDP UHJLVWUDGRV HP GLiULR
IRLIHLWDXPDOHLWXUDPLQXFLRVDGHVWHVUHJLVWURVGLYLGLQGRRVHXFRQWH~GRGHDFRUGRFRPRV
SULQFtSLRVGDHFRQRPLDVROLGiULD'HVVHPRGRSRGHVHREVHUYDURJUDXGHDXWRJHVWmRGR
HPSUHHQGLPHQWR D IRUPD GH DGHVmR GRV FRRSHUDGRV VH Ki VROLGDULHGDGH QDV UHODo}HV GH
WUDEDOKRHFRPRVmRGLYLGLGDVDVWDUHIDV

3DUD DQiOLVH GRV GDGRV TXDOLWDWLYRV REWLGRV SRU PHLR GDV HQWUHYLVWDV IRL XWLOL]DGD D
IRUPD GH DQiOLVH GHQRPLQDGD ³DQiOLVH GH FRQWH~GR´$ HVFROKD VH MXVWLILFD SRU HVWD DQiOLVH
SHUPLWLU XPD FRPSUHHQVmR FUtWLFD GR TXH p FRPXQLFDGR EXVFDQGR R VLJQLILFDGR GDV
PHQVDJHQV HPDQDGDV GH IRUPD PDQLIHVWD RX RFXOWD 6(9(5,12 %DUGLQ
SDUWLQGRGRSUHVVXSRVWRGHTXHDDQiOLVHGHFRQWH~GRSRGHVHUXWLOL]DGDVREUHTXDOTXHUIRUPD
GH FRPXQLFDomR UHIOHWH TXH HOD FRQWULEXL SDUD D GHVFREHUWD QR SURFHVVR H[SORUDWyULR H TXH
DLQGD SRGH DX[LOLDU QD DYDOLDomR VREUH HP TXDLV KLSyWHVHV TXHVW}HV UHODWLYDV DR REMHWR
SHVTXLVDGRSRGHPLQGLFDUXPDFRQILUPDomRRXLQIHUrQFLDV
3RQGHUDVH TXH QD SHUFHSomR H QD FRQVLGHUDomR GR FDUiWHU KLVWyULFR GR SURFHVVR
FRQFHQWUDVHDGLDOpWLFDUHOHYDQGRDLQH[LVWrQFLDGHXPREVHUYDGRUSDUFLDORTXDOpSDUWHGR
PHLRHVWXGDGR$GLDOpWLFDOHYDDRTXHVWLRQDPHQWRGDWHFQLFLGDGHH[DJHUDGDUHPHWHQGRVHj
SUi[LV R TXH H FRQGX] j FRQVLGHUDomR GH TXH DQDOLVDU RV GDGRV TXDOLWDWLYRV SRVVXL FRPR
ILQDOLGDGHV TXDQGR VH WUDWD GH XPD LQYHVWLJDomR VRFLDO D LQVHUomR QR FRQWH[WR DSUHVHQWDGR
SHOD SHVTXLVD R EDOL]DPHQWR GR PDWHULDO HQFRQWUDGR FRP DV KLSyWHVHV H SUHVVXSRVWRV EHP
EE

FRPRLUDOpPGRTXHGL]DPHQVDJHPHPDQDGDFRPSUHHQGHQGRRFRQWH[WRFXOWXUDOHPTXH
HODVHLQVHUH 0,1$<2
'HDFRUGRFRP0LQD\R

$GLDOpWLFDVHFDUDFWHUL]DFRPRDDUWHGRHVWUDQKDPHQWRHGDFUtWLFD S
>@FRPRVSULQFtSLRVGHTXHFDGDFRLVDpXPSURFHVVRFRPHQFDGHDPHQWRH
VXD FRQWUDGLomR S >@ FRODERUDQGR SDUD R HQWHQGLPHQWR GH TXH QmR
H[LVWHSRQWRGHYLVWDIRUDGDKLVWyULDQDGDpHWHUQRIL[RHDEVROXWRSRUWDQWR
QmRKiLGpLDVLQVWLWXLo}HVHFDWHJRULDVHVWiWLFDV S

$VVLPDDQiOLVHUHDOL]DGDSHUPLWHTXHVHMDPH[WUDtGRVSHQVDPHQWRVLGHLDVUHIOH[}HV
GDV IDODV HPLWLGDV QDV HQWUHYLVWDV TXH SRVVXHP XP VLJQLILFDGR GHQWUR GH XP FRQWH[WR
HVSHFtILFRVHQGRQHFHVViULRTXHRSHVTXLVDGRUVHMDFUtWLFRHPVXDLQYHVWLJDomRFRQVLGHUDQGR
RV GDGRV REWLGRV FRPR GHILQLGRV SRU XP SURFHVVR FRQWtQXR 1HVVD SHUVSHFWLYD HP RXWURV
FRQWH[WRVSRGHVHUTXHRVGDGRVREWLGRVVHMDPGLIHUHQWHVPDVDLPSRUWkQFLDGDYDOLGDGHGHOHV
DJRUDpPDQWLGD
%DUGLQ GHVFUHYH RV VHJXLQWHV SURFHGLPHQWRV SDUD D UHDOL]DomR GD DQiOLVH GH
FRQWH~GR
3UpDQiOLVH VLVWHPDWL]DomR GRV GDGRV HP WUrV PRPHQWRV VHQGR ³D HVFROKD GRV
GRFXPHQWRV D VHUHP VXEPHWLGRV j DQiOLVH D IRUPXODomR GDV KLSyWHVHV H GRV REMHWLYRV H D
HODERUDomRGHLQGLFDGRUHVTXHIXQGDPHQWHPDLQWHUSUHWDomRILQDO´ %$5',1S
SRVVLELOLWDQGRDFRPSUHHQVmRGRIHQ{PHQRSHODGHILQLomRGRFDPSRQRTXDOVHUiFRQFHQWUDGD
DDWHQomRGDDQiOLVH1HVVDIDVHGHYHPVHUIHLWDVOHLWXUDVH[DXVWLYDVGRPDWHULDO
([SORUDomR GR PDWHULDO DGPLQLVWUDomR GDV GHFLV}HV UHDOL]DGDV QD SUpDQiOLVH
EXVFDQGRGHOLPLWDo}HVSHORDSURIXQGDPHQWRQRVGDGRVFROKLGRV
7UDWDPHQWR GRV UHVXOWDGRV REWLGRV H LQWHUSUHWDomR IRUPXODomR GH TXDGURV
FDWHJyULFRV TXH GHVWDTXHP RV SULQFLSDLV SRQWRV DQDOLVDGRV SRVVLELOLWDQGR D YDOLGDomR GR
PDWHULDOFROKLGR LQFOXVLYHHVWDWtVWLFD DLQWHUSUHWDomRGDVKLSyWHVHVSUHYLVWDVHDHOXFLGDomR
GHQRYRVLWHQVSRUFRQWDGDUHIOH[mRDSDUWLUGRVPDWHULDLVWHyULFRVHGDXWLOL]DomRGDLQWXLomR
SDUDUHODFLRQiORVjUHDOLGDGHSHVTXLVDGD
$VVLPUHVXPHVHVHJXQGR0LQD\R TXHHVWDDQiOLVHVHUHDOL]DSHODGLYLVmRGRV
GDGRVREVHUYDGRVHPFDWHJRULDVUHODWLYDVDFRQFHLWRVDRUHGRUGRVTXDLVVHUmRDJUXSDGRVRV
HOHPHQWRV TXH FRP HOHV SRVVXDP DOJR HP FRPXP ,VWR p IHLWR SRU PHLR GR PDSHDPHQWR H
FODVVLILFDomR GRV GDGRV FROKLGRV DSyV OHLWXUDV H[DXVWLYDV TXH SRVVLELOLWHP FDWHJRUL]iORV
DUWLFXODQGRRVFRPRUHIHUHQFLDOWHyULFR
)RUDPGHILQLGDVWUrVFDWHJRULDVGHDQiOLVH

D $HFRQRPLDVROLGiULDHRFRRSHUDWLYLVPRSDUDRFDWDGRUHSDUDDIDPtOLD
E 0XGDQoDVQDGLQkPLFDIDPLOLDUDSyVDLQVHUomRQDFRRSHUDWLYD
F &RRSHUDWLYDFRPRSRVVLELOLGDGHGHLQFOXVmRHFRQ{PLFRVRFLDO

3DUD RUJDQL]DU DV DQiOLVHV RV GDGRV IRUDP RUJDQL]DGRV HP TXDGURV FDWHJRULD SRU
FDWHJRULDQRVTXDLVFRQVWDPDVVHJXLQWHVLQIRUPDo}HVSRUFROXQD

" !# $%# # &'# (##

1D FROXQD GD GLUHLWD ³)DODV LOXVWUDWLYDV´ FRQVWDP DOJXPDV IDODV VHOHFLRQDGDV QD
SUpDQiOLVH1DVFROXQDV³'HVFULomRGDIDOD´H³1~FOHRGDIDODÍRUDPLQVHULGDVGHVFULo}HV
HHVSHFLILFDo}HVGHVHQYROYLGDVGXUDQWHDH[SORUDomRGRPDWHULDOHQDSULPHLUDFROXQDGD
HVTXHUGD HVWmR DV FDWHJRULDV GH DQiOLVH GHILQLGDV QD IDVH GH WUDWDPHQWR GRV UHVXOWDGRV H
LQWHUSUHWDomR (VWHV TXDGURV IRUDP SUHHQFKLGRV VHPSUH QR VHQWLGR GD GLUHLWD SDUD D
HVTXHUGD
$OpP GHVVHV TXDGURV IRUDP RUJDQL]DGRV RXWURV GRLV TXDGURV XP VREUH FDGD
IDPtOLD FRP GDGRV VRFLRHFRQ{PLFRV H RXWUR VLQWHWL]DQGR D UHODomR GR FDWDGRU FRP D
&223(59,'$

)*+,-. +/.$0-1++ 1+,++2+

$1È/,6(6'275$%$/+2'(&$032

2WUDEDOKRGHFDPSRRFRUUHXFRPDFRRSHUDomRGRVFDWDGRUHVGRHPSUHHQGLPHQWR$
UHFHSomR GR SHVTXLVDGRU IRL WUDQTXLOD H HOH ORJR IRL DGHULGR DR FRWLGLDQR SHOR
GHVHQYROYLPHQWRGHWUDEDOKRVHPFRQMXQWRFRPRVFRRSHUDGRV
$OJXQV FRRSHUDGRV PDQWLYHUDP GLVWkQFLD H HYLWDYDP FRQYHUVDU VHQGR TXH DLQGD
ROKDYDPGHORQJHGHVFRQILDGRVGHVVDQRYDSUHVHQoDQDURWLQDGHOHV
2XWURV FRRSHUDGRV HVSHFLDOPHQWH RV PDLV QRYRV VH FRQIXQGLDP FRP HVVD SUHVHQoD
WDPEpPSHQVDQGRVHWUDWDUGHXPQRYRFDWDGRUHPWHVWH(OHVQmRDFUHGLWDYDPTXHDOJXpPGD
XQLYHUVLGDGHHVWDYD³WUDEDOKDQGR´QRPHLRGHOHVMXQWRFRPHOHVHQmRFRPSUHHQGLDPRVHX
LQWHUHVVHSRUDTXHOHWUDEDOKR
1HVVHFRQWH[WRRWUDEDOKRGHFDPSRIRLFXPSULGRFRPDDTXLVLomRGHPXLWRPDWHULDO
SDUD DQiOLVH SURYHQLHQWH GDV REVHUYDo}HV UHDOL]DGDV SHOR ³REVHUYDGRUSDUWLFLSDQWH´ H
DQRWDGRVQRGLiULRGHFDPSR
(VWDSDUWHGDVDQiOLVHVSRVVLELOLWRXUHVSRQGHUDRVGRLVSULPHLURVREMHWLYRVHVSHFtILFRV
6LVWHPDWL]DUDVUHODo}HVGHWUDEDOKRREVHUYDGDVQDFRRSHUDWLYD
,GHQWLILFDURVDVSHFWRVWHFQROyJLFRVHGHDSURSULDomRGRFRQKHFLPHQWRH[LVWHQWHVQR
HPSUHHQGLPHQWR
$SDUWLUGDOLWHUDWXUDSHVTXLVDGDHGDVREVHUYDo}HVIHLWDVHPFDPSRIRUDPUHDOL]DGDV
FDUDFWHUL]Do}HV VREUH D &223(59,'$ D SDUWLU GRV VHJXLQWHV SULQFtSLRV GD HFRQRPLD
VROLGiULD&RRSHUDomRHVROLGDULHGDGH/LEHUGDGH,QGLYLGXDO'LVWULEXLomRGHUHQGDGHIRUPD
LJXDO2UJDQL]DomRGHPRFUiWLFD$XWRJHVWmR

&' #

$FRRSHUDomRHDVROLGDULHGDGHGHQWURGRHPSUHHQGLPHQWRQmRDFRQWHFHPWRWDOPHQWH
2EVHUYRXVH TXH RV FRRSHUDGRV VH RUJDQL]DP HP ³SHTXHQRV JUXSRV´ SDUD UHDOL]DU RV
WUDEDOKRVVHMDPQDVHVWHLUDVQRVVHWRUHVGHFROHWDQDVUXDVRXHPRXWUDVIXQo}HV(QWUHRV
FRRSHUDGRVTXHHVWmRQHVVHV³SHTXHQRVJUXSRVÚHSDUDVHTXHH[LVWHXPFRPSRUWDPHQWRGH
FRRSHUDomRHVROLGDULHGDGHPDVTXDQGRHOHVHVWmRVHUHODFLRQDQGRFRPFRRSHUDGRVGHRXWUR
³SHTXHQRJUXSR´HVWHVFRPSRUWDPHQWRVQHPVHPSUHVmRREVHUYDGRV

(VWDV VXEGLYLV}HV LQIRUPDLV DFRQWHFHP SHOD DILQLGDGH TXH RV FRRSHUDGRV SRVVXHP
SDUDDH[HFXomRGRWUDEDOKRHDWpSHODVVXDVDILQLGDGHVSHVVRDLV(QWUHRVFRRSHUDGRVTXHQmR
SRVVXHPHVVDVDILQLGDGHVDUHODomRVHWRUQDFRQIOLWXRVD
(VWDFRQGLomRQmRpJHUDOHQWUHWRGRVRVFDWDGRUHVSRLVH[LVWHPRVTXHWHQWDPPHGLDU
VLWXDo}HVDGYHUVDVSURSRQGRVROXo}HVDFRUGRVHLQFHQWLYDQGRXPDPXGDQoDGHSRVWXUD
8PH[HPSORGLVWRpRWUDEDOKRQDVEDQFDGDVGHWULDJHP([LVWHPWUrVEDQFDGDVHFDGD
³SHTXHQRJUXSRÍLFDHPXPDGLIHUHQWHeYLVtYHODGLIHUHQWHRUJDQL]DomRGRWUDEDOKRHPFDGD
EDQFDGDFRQVWDWDGDSHODGLVSRVLomRGRVPDWHULDLVHULWPRGHWUDEDOKR4XDQGRXPJUXSRGH
XPDEDQFDGDDFDEDGHWULDURVVHXVPDWHULDLVHSHUFHEHTXHDLQGDIDOWDPXLWRPDWHULDODVHU
WULDGR QDV RXWUDV DSDUHFHP UHFODPDo}HV GH TXH R RXWUR JUXSR QmR WUDEDOKRX GLUHLWR H TXH
DJRUDHOHVWHUmRTXHWUDEDOKDUPDLVSDUDILQDOL]DURTXHRRXWURJUXSRQmRGHXFRQWD2XWUR
TXHVWLRQDPHQWRHPUHODomRDLVVRPXLWDVYH]HVpVREUHDOLPSH]DGDEDQFDGD4XDQGRXP
JUXSRTXHFRVWXPDILFDUHPXPDEDQFDGDYDLSRUH[HPSORWUDEDOKDUQDFROHWDGDUXDHRXWUR
JUXSRXWLOL]DDEDQFDGDGHOHTXDQGRUHWRUQDPPDQLIHVWDPLQVDWLVIDomRHPUHODomRjOLPSH]D
HRUJDQL]DomRGHVHXHVSDoRGHWUDEDOKR

- #

1DVREVHUYDo}HVUHDOL]DGDVHVWHSULQFtSLRSRGHVHUDQDOLVDGRDSDUWLUGDOLYUHDGHVmR
3HUFHEHXVHQRFDVRGHDQWLJRVFDWDGRUHVTXHPXLWRVGHOHVPHVPRFRQKHFHQGRFRPR
IXQFLRQD R HPSUHHQGLPHQWR H D HFRQRPLD VROLGiULD RSWDUDP SRU DGHULU j FRRSHUDWLYD SHOD
LPSRVVLELOLGDGHGHFRQWLQXDUFDWDQGRQRDWHUURVDQLWiULR0XLWRVUHODWDUDPTXHVHSXGHVVHP
FRQWLQXDULDPQHVVHVDWHUURVSHODSRVVLELOLGDGHGHGHILQLUHPVXDURWLQDGHWUDEDOKRGHHVFROKHU
RV PDWHULDLV D VHUHP FROHWDGRV H DWp GH JHUDU PDLVUHQGD SHOD FROHWD GH PDWHULDLV GH PDLRU
YDORU ,VVR GHYpP VHJXQGR HOHV GH KiELWRV DGTXLULGRV DR ORQJR GR WHPSR 'HQWUH HVWHV
FDWDGRUHV DQWLJRV PXLWRV QmR JRVWDP GH XWLOL]DU RV (3,V H LVWR FRQIOLWD FRP RV LQWHUHVVHV
FROHWLYRV
2XWURV FRRSHUDGRV DGHULUDP DR HPSUHHQGLPHQWR SRU HVWDUHP GHVHPSUHJDGRV H SDUWH
GHVVHVFRRSHUDGRVQmRFRPSUHHQGHDRUJDQL]DomRFRRSHUDWLYDRTXHFDXVDGLYHUVRVFRQIOLWRV
QR FRWLGLDQR 5HODFLRQDVH HVWH DVSHFWR DR GR SULPHLUR SULQFtSLR TXDQGR IRL DQDOLVDGD D
H[LVWrQFLDRXQmRGHFRRSHUDomRHVROLGDULHGDGHQDVUHODo}HV(VWDUHIOH[mRIRLUHDOL]DGDSRU
FRRSHUDGDVGXUDQWHFRQYHUVDVVREUHRFRWLGLDQRGHWUDEDOKRQDFRRSHUDWLYD
3RU FDXVD GHVVH QmR UHFRQKHFLPHQWR LQGLYLGXDO FRP D IRUPD GH WUDEDOKR SURSRVWD
H[LVWH XPD JUDQGH URWDWLYLGDGH QD FRRSHUDWLYD SRLV RV FRRSHUDGRV TXH DGHULUDP VHP

HQWHQGHURTXHVHULDRWUDEDOKRGHFDWDGRUFRRSHUDWLYDGRDSHQDVSRUHVWDUHPGHVHPSUHJDGRV
DVVLPTXHFRQVHJXHPXPHPSUHJRFRPFDUWHLUDDVVLQDGDDEDQGRQDPRHPSUHHQGLPHQWR

&' "#

$ UHWLUDGD PHQVDO RFRUUH GH IRUPD LJXDO SDUD WRGRV ([LVWHP FRQIOLWRV HP UHODomR D
DOJXPDV UHJUDV TXH SXQH TXHP IDOWD PXLWR LQIULQJLQGR R DFRUGR JHUDO 0XLWRV FRRSHUDGRV
IDOWDPHGHSRLVQmRFRQFRUGDPFRPRDEDWLPHQWRQDUHWLUDGD
(VWHFRQIOLWRRFRUUHSRXFRFRPRVFRRSHUDGRVPDLVDQWLJRVVHQGRPDLVSUHVHQWHHP
UHODomR DRV QRYRV FRRSHUDGRV 2V SUySULRV FDWDGRUHV UHPHWHP LVVR j IDOWD GH FRQKHFLPHQWR
VREUH R TXH p D FRRSHUDWLYD R TXH OHYD HVVDV SHVVRDV D QmR SHQVDUHP FROHWLYDPHQWH H QR
TXDQWRVXDVIDOWDVSUHMXGLFDPRHPSUHHQGLPHQWR
2XWUR SUREOHPD REVHUYDGR HP UHODomR j GLVWULEXLomR GH UHQGD IRL D GLILFXOGDGH
HFRQ{PLFDTXHDFRRSHUDWLYDSDVVRXQRVPHVHVILQDLVGRDQRSHODGLILFXOGDGHGHUHSDVVHGH
YHUEDSHORJRYHUQRPXQLFLSDO
2VFRRSHUDGRVPDLVQRYRVQmRHQWHQGHUDPHDEDQGRQDUDPHPVXDJUDQGHPDLRULDR
HPSUHHQGLPHQWR SHOD UHWLUDGD WHU VLGR WHPSRUDULDPHQWH PHQRU 0XLWRV PDQLIHVWDUDP
GHVFRQILDQoD HP UHODomR j GLUHWRULD TXHVWLRQDQGR RQGH HVWDYD R GLQKHLUR GD FRRSHUDWLYD
&RRSHUDGRV PDLV DQWLJRV H[SOLFDUDP TXH D UHQGD p SURYHQLHQWH GRV PDWHULDLV FROHWDGRV
WULDGRVHYHQGLGRVPDLVGRUHSDVVHGRJRYHUQRHTXHTXDQGRH[LVWHDOJXPSUREOHPDHPXPD
GHVVDVIRQWHVDUHWLUDGD GLPLQXL3RUpPQmRKRXYHGLYHUJrQFLDHPUHODomRDRVYDORUHVGDV
UHWLUDGDVGHXPFRRSHUDGRSDUDRXWUR

"3&' !

$V GHFLV}HV VREUH TXHVW}HV YROWDGDV j UHDOL]DomR GRV WUDEDOKRV QD FRRSHUDWLYD
RFRUUHPDWUDYpVGDVDVVHPEOHLDV
0XLWRV FRRSHUDGRV SRUpP UHFODPDUDP TXH HODV QmR VmR IUHTXHQWHV H TXH DOJXPDV
YH]HVDGLUHWRULDWRPDGHFLV}HVVHPFRQVXOWDURFROHWLYR
2XWURV FDWDGRUHV Mi LQIRUPDUDP TXH DV GHFLV}HV WRPDGDV SHOD GLUHWRULD QDV TXDLV R
FROHWLYR QmR p FRQVXOWDGR VmR UHODFLRQDGDV D TXHVW}HV DGPLQLVWUDWLYDV H TXH jV YH]HV
QHFHVVLWDP GH HPHUJrQFLD HP VHUHP UHVSRQGLGDV 1HVVH FDVR HOHV GHIHQGHP TXH R JUXSR
GHYHFRQILDUQRVFRQVHOKRVTXHSDVVDDVLQIRUPDo}HVQHFHVViULDVQDVDVVHPEOHLDV

1DYLVmRGHDOJXQVRXWURVFRRSHUDGRVPHVPRTXDQGRRFRUUHPRVHVSDoRVGHGHFLVmR
HPJHUDOKiSRXFDSDUWLFLSDomR4XDVHQHQKXPFRRSHUDGRPDQLIHVWDVXDRSLQLmRHDGHFLVmR
DFDEDILFDQGRSRUFRQWDGDSUySULDGLUHWRULDTXHSUHFLVDHQFDPLQKDUDVDWLYLGDGHV
(PJHUDOFRQVWDWRXVHTXHH[LVWHPHVSDoRVGHGLVFXVVmRPDVTXHSRXFRVFRRSHUDGRV
SDUWLFLSDPRXSRUIDOWDGHLQWHUHVVHRXSRUIDOWDGHFRQKHFLPHQWRRXSRUIDOWDGHPRWLYDomR
2EVHUYRXVH TXH D FRRSHUDWLYD QmR PDQWpP YtQFXOR FRP R 01&5 R TXH OHYD D
UHDOL]DomRGHFDSDFLWDo}HVHGLVFXVV}HVRFRUUHUHPSDUFHULDFRPRJRYHUQRPXQLFLSDOFRPD
XQLYHUVLGDGH RX RXWURV SDUFHLURV 8PD FRRSHUDGD IULVRX TXH LVWR p PXLWR QHJDWLYR SRLV D
FRRSHUDWLYD SRGHULD WHU R DX[tOLR GHVVH PRYLPHQWR SDUD IRUWDOHFHU VXD RUJDQL]DomR
IDYRUHFHQGRXPDPELHQWHGHPRFUiWLFRSHODFRQYHUVD³GHFDWDGRUSDUDFDWDGRU´

.X" '

)RUPDOPHQWHQmRKiKLHUDUTXLDQRHPSUHHQGLPHQWR
$V GLILFXOGDGHV HQIUHQWDGDV SHOD FRRSHUDWLYD QR PRPHQWR GD SHVTXLVD DFHQWXDUDP D
URWDWLYLGDGH GH FRRSHUDGRV R TXH OHYRX D XP TXDGUR HP TXH TXDVH WRGRV RV QRYRV
FRRSHUDGRVQmRVDELDPRTXHHUDHFRQRPLDVROLGiULDQHPFRRSHUDWLYLVPR
'LPLQXLX WDPEpP R TXDGUR GH FRRSHUDGRV R TXH LQWHQVLILFRX R ULWPR GH WUDEDOKR H
GLPLQXLXRWHPSRSDUDFDSDFLWDomRFRQVFLHQWL]DomRHWURFDVHQWUHRVFRRSHUDGRVOHYDQGRRV
FDWDGRUHV PDLV DQWLJRV PXLWRV GHOHV PHPEURV GRV FRQVHOKRV D GHWHU XP SRGHU GH GHFLVmR
PDLRU Mi TXH RV RXWURV QmR SRVVXtDP FRQKHFLPHQWRVVXILFLHQWHV SDUD VH VHQWLUHP VHJXURV D
RSLQDU1HVVHVHQWLGRREVHUYRXVHRGHVWDTXHGHDOJXPDVOLGHUDQoDVQmRIRUPDLVQRVVHWRUHV
GHWUDEDOKR

(VWHTXDGURJHUDOGDFRRSHUDWLYDPRVWURXTXHHODHVWDYDFRQVWLWXtGDSRUXPFRQMXQWR
GH FRQIOLWRV JHUDLV TXH HQYROYHP IDOWD GH LGHQWLILFDomR GH QRYRV FRRSHUDGRV FRP R
HPSUHHQGLPHQWR DOWD URWDWLYLGDGH LQVWDELOLGDGH HFRQ{PLFD H DVVLP GH YLGD H IDOWD GH
RUJDQL]DomR H GH WHPSR SDUD DGHTXDU D VLWXDomR jV QHFHVVLGDGHV GR HPSUHHQGLPHQWR FRPR
PDQWHUVHXVPHPEURVFRQVFLHQWL]DGRVHXQLGRV
$ VLWXDomR YLYHQFLDGD QmR VLJQLILFD TXH RV SULQFtSLRV HFRQ{PLFRV H VROLGiULRV QmR
HVWLYHVVHP SUHVHQWHV QR HPSUHHQGLPHQWR PDV TXH RV FRRSHUDGRV HVWDYDP FRP GLILFXOGDGH
HPDGPLQLVWUDURVSUREOHPDVGDFRRSHUDWLYDJHUDQGRXPDLQVWDELOLGDGHWDPEpPVRFLDO(VVHV
SULQFtSLRV SHUPHDYDP D IDOD GH GLYHUVRV FDWDGRUHV TXDQGR DSRQWDYDP VLWXDo}HV TXH QmR
GHYHULDPDFRQWHFHUQDFRRSHUDWLYDH[DWDPHQWHSHORHPSUHHQGLPHQWRWHUHVVDRUJDQL]DomR

$OJXPDVFDWDGRUDVPDLVDQWLJDVLQGLFDUDPTXHRVFRRSHUDGRVEULJDPPXLWRHQWUHHOHV
H TXH VH HOHV QmR DSUHQGHUHP D WUDEDOKDU HP FRQMXQWR HOHV SUHMXGLFDUmR R WUDEDOKR 2XWURV
FDWDGRUHV Mi LQGLFDUDP TXH R HPSUHHQGLPHQWR SUHFLVDYD FULDU IRUPDV GH IXQFLRQDU PHOKRU
SRUTXHKDYLDPXLWDLQVWDELOLGDGHHRVFRRSHUDGRVHVWDYDPILFDQGRFRPPHGRMiTXHWLQKDP
IDPtOLD SDUD VXVWHQWDU 1HVVD PHVPD GLVFXVVmR UHFODPDUDP TXH D FRRSHUDWLYD IXQFLRQDYD
PXLWR GHVRUJDQL]DGD HP UHODomR j RSHUDFLRQDOLGDGH GDV DWLYLGDGHV TXH GHQWUH RXWURV
SUREOHPDVVHPSUHDWUDVDYDPSDUDFRPHoDU
2XWUD TXHVWmR FLWDGD WDPEpP QDV FRQYHUVDV FRWLGLDQDV IRL D FRPSUD GH FDUULQKRV
HOpWULFRVSHOR JRYHUQRPXQLFLSDOVHPTXHRVFRRSHUDGRVKRXYHVVHPVLGRFRQVXOWDGRV(OHV
LQGLFDUDPTXHRVFDUULQKRVQmRVmRSUiWLFRVHQmRVmRDGHTXDGRVSDUD6mR&DUORVGHYLGRDR
VHX WDPDQKR H ODUJXUD H DR PRYLPHQWR H HVWUXWXUD GDV UXDV &RP LVVR HOHV PDQLIHVWDUDP R
GHVHMR GH TXH DQWHV GRV DSRLDGRUHV ³OHYDUHP FRLVDV´ SDUD HOHV GHYHULDP SHUJXQWDU GR TXH
SUHFLVDP H GLVFXWLU VREUH DV SURSRVWDV SDUD VDEHU VH HODV VmR LQWHUHVVDQWHV SDUD R WUDEDOKR
GHOHV

$1È/,6(6'$6(175(9,67$6

$ SULPHLUD SDUWH GR URWHLUR GH HQWUHYLVWD VHPLHVWUXWXUDGR SHUPLWLX WUDoDU R SHUILO
VRFLRHFRQ{PLFRGDVIDPtOLDVHQWUHYLVWDGDVFRQIRUPHRV4XDGURVHDEDL[R$VFROXQDV
FRPWH[WRHPLWiOLFRLQGLFDPDH[LVWrQFLDGHPHPEURVGDVIDPtOLDVTXHQmRSDUWLFLSDUDPGDV
HQWUHYLVWDV

4 5(#
$ 0DULD -RmR
1
# &DVDGD &DVDGR
# (QVLQRPpGLRFRPSOHWR (QVLQRPpGLRFRPSOHWR
&' &DWDGRUD &DWDGRU
-3 $VVLVWLU79 $VVLVWLU79
6&' " )yUXQVGHHFRQRPLDVROLGiULD )yUXQVGHHFRQRPLDVROLGiULD
* 7# 5 5
* 7# 5

8 5(#4
$ 0LULDP 3HGUR 3DXOR 5DIDHO
1
# $PDVLDGD $PDVLDGR 6ROWHLUR B
# VpULH FROHJLDO VpULH FXUVDQGR B
&' &DWDGRUD &DWDGRU (VWXGDQWH B
%ULQFDU MRJDU EROD
-RJDU EROD
)LFDUFRPRVILOKRV FRP R SDL LU QR
-3 DFDGHPLD ILFDU B
HGRUPLU FDPSR DVVLVWLU
FRPRVILOKRV
WHOHYLVmR
*UXSR GRV
6&' 6DOHVLDQRV FRP
1mR 1mR B
" FULDQoDV GH D
DQRV
* 7
5 5 B B
#
* 7# 5

9 5(#8
$ 0DUWD +HOHQD 0DULDQD 5HEHFD 5REHUWR -XOLD
1
# 6ROWHLUD 6ROWHLUD $PDVLDGD 6ROWHLUD 6ROWHLUR B
VpULH
# VpULH VpULH LQWHUURPSLGD DQR B B
SRUJUDYLGH]
3HJDQGR
&' &DWDGRUD IUDQJR 1HQKXPD (VWXGDQWH B B
JUDQMD
-3 $VVLVWLU79 'RUPLU $VVLVWLU79 $VVLVWLU79 B B
6&'
1mR 1mR 1mR 1mR B B
"
* 7 5
5 B B B
#
* 7
5
#

$ FRPSRVLomR GRV *UXSRV )DPLOLDUHV *) IRL EDVWDQWH YDULDGD VHQGR R *) p
FRPSRVWR SRU DSHQDV XP FDVDO R *) SRU XP FDVDO PDLV GRLV ILOKRV H R *) SRU XPD
FDWDGRUDPDLVXPDILOKDXPILOKRHWUrVQHWDV$SDUWLFLSDomRGRVIDPLOLDUHVQDVHQWUHYLVWDV
QRFDVRGRV*) HQmRIRLWRWDOVHQGRTXHQR*)RILOKRPDLVQRYRWLQKDDSHQDVWUrV
DQRV R TXH LQYLDELOL]DYD VXD SDUWLFLSDomR GHYLGR j OLQJXDJHP H FRPSUHHQVmR H QR *)
KDYLD XPD FULDQoD GH FLQFR DQRV R TXH FRQILJXUD XPD VLWXDomR VLPLODU j GR *) DOpP GH
KDYHUXPILOKRGHDQRVTXHVHLQGLVS{VDSDUWLFLSDUGDHQWUHYLVWD
$UHQGDJHUDOGRVJUXSRVIDPLOLDUHVYDULDGH5D5GHSHQGHQGRGD
FRPSRVLomRIDPLOLDU1RFDVRGRV*)VHQRVTXDLVRVFRPSDQKHLURVGDVFRRSHUDGDVGH
UHIHUrQFLDWDPEpPVmRFDWDGRUHVFRRSHUDGRVDUHQGDQmRpIL[DSRLVHODGHSHQGHGRYDORUGDV
UHWLUDGDV PHQVDLV EDVHDGDV QDV YHQGDV GRV PDWHULDLV UHFLFOiYHLV &DGD IDPtOLD WDPEpP
XWLOL]RX D PpGLD PHQVDO TXH DFKRX DGHTXDGR OHYDQGR D XPD YDULDomR GH XPD UHWLUDGD

LQGLYLGXDOGH5D5$FDWDGRUDGR*)LQIRUPRXDLQGDHPUHODomRjUHQGD
GD FRRSHUDWLYD TXH HOHV QmR HVWDYDP UHFHEHQGR ERQLILFDomR SRLV TXDQGR LVVR RFRUUH FDGD
FDWDGRUFKHJDDUHFHEHUDWp5
(PUHODomRDRHVWDGRFLYLODSHQDVRFDVDOGR*)pFDVDGRFLYLOPHQWHVHQGRTXHQR
*)RFDVDOpDPDVLDGRHQR*)DFDWDGRUDpPmHVROWHLUD2*)pR~QLFRHPTXHWRGRVRV
IDPLOLDUHVSRVVXHPHQVLQRPpGLRFRPSOHWRVHQGRTXHQRVRXWURV*)VRVFDWDGRUHVSRVVXHP
EDL[D HVFRODULGDGH FRP H[FHomR GR PDULGR GD FDWDGRUD GR *) TXH SRVVXL R DQR GR
HQVLQR PpGLR FRPSOHWR 2V SDUHQWHV HP JHUDO DLQGD VmR HVWXGDQWHV SRU VHUHP FULDQoDV RX
DGROHVFHQWHVRXFHVVDUDPRVHVWXGRVFRPEDL[DHVFRODUL]DomR
$VVLVWLUWHOHYLVmRpDDWLYLGDGHGHOD]HUPDLVFLWDGDHQWUHWRGRVRVIDPLOLDUHV'RUPLU
WDPEpP IRL FLWDGR QRV *) H 2 *) IRL R ~QLFR TXH FLWRX DWLYLGDGHV H[WHUQDV TXH
SRVVLELOLWDPUHODFLRQDUVHFRPRXWUDVSHVVRDVFRPRMRJDUERODLUDRFDPSRjDFDGHPLD(VVH
JUXSRDLQGDFLWRXFRPROD]HUILFDUFRPRVILOKRVRXMRJDUERODFRPRSDL
1R4XDGURSRGHPRVYHUDUHODomRGRFDWDGRUGHUHIHUrQFLDFRPD&223(59,'$

: * #&' ; 6*<1 .
*) 5( 5(4 5(8
+iTXDQWRWHPSRHVWiQD DQRV FRQWDQGR R WHPSR DQRV QD(&2$7,9$ DQRHPHVHV
&223(59,'$ HP TXH &223(59,'$ H QD &223(59,'$
HUD XPD GDV XQLILFDomRGDVRXWUDV
FRRSHUDWLYDV DLQGD QmR
XQLILFDGDV
&RPR FRQKHFHX D 3DLV HUDP FDWDGRUHV GH 0DULGR HUD FDWDGRU QD $PLJD WUDEDOKDYD QD
&223(59,'$ DWHUUR H IRUDP DOJXQV GRV (&2$7,9$ &223(59,'$
SULPHLURV FDWDGRUHV D
VHUHP RUJDQL]DGRV HP
FRRSHUDWLYDV HP 6mR
&DUORV
'H TXDO FRRSHUDWLYD &223(59,'$ (&2$7,9$ &RPHoRX QD FRRSHUDWLYD
SDUWLFLSDYD DQWHV GD XQLILFDGD
XQLILFDomR"
2 TXH ID]LD DQWHV GH (VWXGDQWH (PSUHJDGD GRPpVWLFD &DWDGRUD GD &RRSHUDWLYD
HQWUDUQD&223(59,'$ GHVHPSUHJDGD GH FDWDGRUHV GH PDWHULDLV
UHFLFOiYHLVGH,EDWp

$V HQWUHYLVWDV IRUDP UHDOL]DGDV FRQIRUPH R 4XDGUR TXH LQGLFD D FRPSRVLomR
IDPLOLDURVSDUWLFLSDQWHVGDVHQWUHYLVWDVFRPQRPHVILFWtFLRVXWLOL]DGRVSDUDPDQWHURVLJLOR
GHVXDVLGHQWLGDGHVGDWDVHKRUiULRVPDUFDGRVHUHPDUFDGRVHDLQGDDVGDWDVHPTXHIRUDP
UHDOL]DGDV2TXDGURPRVWUDTXHDVHQWUHYLVWDVIRUDPUHDOL]DGDVFRQIRUPHDSRVVLELOLGDGHGRV
FDWDGRUHV VHQGR UHPDUFDGDV VHPSUH TXH QHFHVViULR SDUD VH DGHTXDU j GLVSRVLomR GRV
HQWUHYLVWDGRV

) #3/

$ (# 6 = * * #3
>!
*UXSR SHVVRDV SHVVRDV &DWDGRUD B
)DPLOLDU &DWDGRUD &OHRQLFH PDULGR K K
PDULGRLUPmR )UDQFLVFR LUPmR VHJXQGD VHJXQGD
SLORWR ILOKRV VREULQKD 6HEDVWLmR ILOKD ±IHLUD IHLUD
QHWRV 0{QLFD ILOKR
5DIDHO
*UXSR SHVVRDV SHVVRDV KTXLQWDIHLUD
)DPLOLDU &DWDGRUD &DWDGRUD 0DULD K KWHUoDIHLUD K
PDULGR PDULGR-RmR WHUoD WHUoD
IHLUD IHLUD
*UXSR SHVVRDV SHVVRDV KVHJXQGDIHLUD
)DPLOLDU &DWDGRUD &DWDGRUD ± 0LULDP K KWHUoDIHLUD K
PDULGRILOKRV 0DULGR 3HGUR WHUoD KTXDUWDIHLUD TXDUWD
ILOKR3DXOR IHLUD KVHJXQGDIHLUD IHLUD
KTXDUWDIHLUD
KVHJXQGDIHLUD
KTXDUWDIHLUD
*UXSR SHVVRDV SHVVRDV KVH[WDIHLUD
)DPLOLDU &DWDGRUDILOKR &DWDGRUD 0DUWD K K
ILOKDJHQUR ILOKD ± +HOHQD ViEDGR VH[WD
QHWDV QHWDV ± 0DULDQD H IHLUD
5HEHFD

$VWUDQVFULDo}HV

$QWHVGHUHDOL]DUDDQiOLVHGHFRQWH~GRGRVGDGRVWUDQVFULWRVIRLIHLWDDWUDQVFULDomR
GDVHQWUHYLVWDVSDUDYDOLGDUDVLQIRUPDo}HVMXQWRDRVFDWDGRUHVDQWHVGHDQDOLViODV
$VWUDQVFULDo}HVVHUmRDSUHVHQWDGDVQRGHFRUUHUGRWH[WRHDQDOLVDGDVXPDDXPD(ODV
IRUDPFRORFDGDVHPFDL[DVGHWH[WRFRPRUHFXUVRSDUDVHGHVWDFDUHP

&' 5(#
0HXQRPHp0DULDWHQKRDQRVHVRXFDWDGRUDGHPDWHULDLVUHFLFOiYHLV7UDEDOKR
QD&RRSHUDWLYDGH&DWDGRUHVGH0DWHULDLV5HFLFOiYHLVGH6mR&DUORV63D&223(59,'$
$OpP GH SDUWLFLSDU GD FRRSHUDWLYD HX WDPEpP SDUWLFLSR GH DOJXQV IyUXQV SRSXODUHV
RUJDQL]DGRVDTXLQRPXQLFtSLRLQFOXLQGRRGHHFRQRPLDVROLGiULD
6RXFDVDGDPDVQmRWHQKRILOKRV&RQFOXtRHQVLQRPpGLRHHPPRPHQWRVGHOD]HU
HXJRVWRGHDVVLVWLU79
(VWRXPHDSUHVHQWDQGRDVVLPSDUDYRFrVVDEHUHPTXHPHXVRXSRLVYRXFRQWDUXPD
KLVWyULDVREUHFRPRDHFRQRPLDVROLGiULDHQWURXHPPLQKDYLGDHFRPRHODLQIOXHQFLRXQDV
FRLVDVDTXLHPFDVD
3DUDLVVRPHXPDULGRLUiPHDMXGDUFRPHoDQGRSRUVHDSUHVHQWDUWDPEpP

2OiPHXQRPHp-RmRHWHQKRDQRV6RXPDULGRGD0DULD$VVLPFRPRHODHXVRX
FDWDGRUGHPDWHULDLVUHFLFOiYHLVWUDEDOKRQD&223(59,'$HSDUWLFLSRGRVIyUXQVPDVQmR
WDQWR TXDQWR HOD (X WDPEpP WHQKR R HQVLQR PpGLR FRPSOHWR H HP PRPHQWRV GH OD]HU HX
WDPEpPJRVWRGHDVVLVWLU79±SULQFLSDOPHQWHMXQWRDHOD
2EULJDGD -RmR %RP FRPR GLVVHPRV QyV VRPRV FDWDGRUHV GH XPD FRRSHUDWLYD
(VWDPRV UHWLUDQGR DWXDOPHQWH XP SRXFR PDLV GH XP VDOiULR PtQLPR FDGD XP 6RPDQGR
QRVVDV UHQGDV WHPRV XPD UHQGD IDPLOLDU PHQVDO GH PDLV RX PHQRV 5 1RVVD
SDUWLFLSDomRQDVGHVSHVDVGDFDVDpLJXDO
$WXDOPHQWHD&223(59,'$pD~QLFDFRRSHUDWLYDGHFDWDGRUHVGH6mR&DUORVPDV
DWp H[LVWLDP FRRSHUDWLYDV GLIHUHQWHV D &223(59,'$ D (&2$7,9$ H D
&22/(7,9$ 0HX SULPHLUR FRQWDWR RILFLDO FRP XPD FRRSHUDWLYD IRL Ki DQRV MXQWR j
DQWLJD&223(59,'$(FRPRSRGHPYHUFRQWLQXRDWpKRMH
(X FRQKHFL D FRRSHUDWLYD DWUDYpV GH PHXV SDLV (OHV HUDP FDWDGRUHV QR DWHUUR
VDQLWiULRHSDUWLFLSDUDPGDRUJDQL]DomRGDDQWLJD&223(59,'$$FKRTXHFDWDUpDOJRGH
IDPtOLD
$QWHV GLVVR HX Vy HVWXGDYD QmR WUDEDOKDYD QmR 1XQFD FDWHL QR DWHUUR PDV PH
OHPEUREHPGHPHXVSDLVWUDEDOKDQGROi3RVVRGL]HUTXHFRQKHFLRPRGRGHFDWDomRTXHHUD
IHLWRHSRVVRGL]HUTXHVDLUGHXPDWHUURHLUSDUDXPDFRRSHUDWLYDpPXLWRERP
1R DWHUUR WHP PXLWD VXMHLWD R DPELHQWH p EHP GHVDJUDGiYHO VHP FRQWDU TXH RV
FDWDGRUHVOiFRUUHPYiULRVULVFRVGHVD~GH*UDoDVD'HXVTXDQGRHXPHWRUQHLFDWDGRUDMi
H[LVWLDD&223(59,'$/iHUDWXGRPHOKRUTXHQRDWHUURSRLVRPDWHULDOHUDPDLVOLPSR
MiYLQKDVHSDUDGRHQWmRHUDWXGREHPGLIHUHQWHGRTXHHXFRQKHFLD
(XFRQVLGHURTXHHXSDVVHLSHORVGRLVPRPHQWRVXPGHIRUPDLQGLUHWDDWUDYpVGRV
PHXVSDLVQRDWHUURHRXWUDGHIRUPDGLUHWDTXHVRXHXWUDEDOKDQGRDJRUDQDFRRSHUDWLYD
(XHR-RmRQRVFRQKHFtDPRVMiDQWHVGHOHHQWUDUQD&223(59,'$
%HPDQWHVQp0DULD"
e-RmREHPDQWHVPDVQDYHUGDGHHXMiWUDEDOKDYDQD&223(59,'$9RFrHVWDYD
GHVHPSUHJDGRHFRPRDFRRSHUDWLYDpXPWUDEDOKRGHIiFLODFHVVRSDUDWRGRVXPORFDORQGH
TXDOTXHUSHVVRDSRGHWUDEDOKDUVXUJLXXPDYDJDHXFRORTXHLRVHXQRPHHWHFKDPDUDP
1HVVH PHLR WHPSR D JHQWH FRPHoRX D QDPRUDU H FRP GRLV PHVHV GH QDPRUR QyV
FDVDPRV3XODPRVYiULDVHWDSDVIRLWXGREHPUiSLGR1DPRURXFDVRX
(QILPYROWDQGRjFRRSHUDWLYDIRLPXLWRERPSDUDPLPTXHHODH[LVWLVVH

+RMHHPGLDpWmRGLItFLOHQFRQWUDUWUDEDOKRTXDQGRQmRVHWHPH[SHULrQFLDHQWmRp
SLRU3DUDQyVTXHHVWiYDPRVFRPHoDQGRXPDYLGDSURILVVLRQDOXPDYLGDMXQWRVWHQGRXP
WUDEDOKRILFRXWXGRPDLVIiFLOSHODVHQVDomRGHVHJXUDQoDSRUWHUXPWUDEDOKR
(0DULDVHUFDWDGRUpPXLWRERPWDPEpPQmRp"
$K HX JRVWR EDVWDQWH -RmR ( ROKD TXH WRGD D PLQKD IDPtOLD HUD FRQWUD %ULJDUDP
PXLWR FRPLJR SRUTXH HX WHUPLQHL D HVFROD H IL] FXUVRV H SRU LVVR HX GHYHULD HVWDU ID]HQGR
RXWUD FRLVD H QmR FDWDQGR 0DV HX QmR OLJR p XP WUDEDOKR TXH HX JRVWR PXLWR GH ID]HU
SRUTXH HOH WHP XP VHQWLGR HVSHFLDO 1mR p HP TXDOTXHU OXJDU TXH YRFr SRGH WUDEDOKDU GH
IRUPD FRQMXQWD GH IRUPD LJXDOLWiULD VHP WHU FKHIH PDQGDQGR SRGHQGR IDODU VREUH VXDV
LGHLDV 2 WUDEDOKR GR FDWDGRU WDPEpP WHP WRGD XPD SUHRFXSDomR DPELHQWDO H VRFLDO ,VVR
WXGRID]HXJRVWDUPXLWRGRPHXWUDEDOKR1mRpKiWRDTXHWUDEDOKRFRPLVVRKiWDQWRWHPSR
0DULD HX WDPEpP DFKR TXH QD FRRSHUDWLYD QyV SRGHPRV VHPSUH JDQKDU PDLV VH
WUDEDOKDUPRV GLUHLWR 1mR WHP TXH ILFDU SHGLQGR DXPHQWR SDUD SDWUmR 6H D JHQWH WUDEDOKD
PDLVJDQKDPDLVVHWUDEDOKDPHQRVJDQKDPHQRV
$K VLP -RmR UHDOPHQWH HP XPD FRRSHUDWLYD TXDQWR PDLV YRFr WUDEDOKD PDLV
FRQGLo}HVGHJDQKDUQyVWHPRV$JHQWHID]RQRVVRVDOiULRDJHQWHID]RQRVVRWUDEDOKR
$QWHV QyV QmR QRV FRQVFLHQWL]iYDPRV HP WHU TXH VHSDUDU H JXDUGDU R PDWHULDO PDV
DJRUDQyVID]HPRVLVVR
&RPFHUWH]D-RmR$JHQWHDSUHQGHPXLWRPDLVFRLVDVQHVVHWUDEDOKR$TXHVWmRGH
FRQVFLHQWL]DU p PXLWR LPSRUWDQWH 8P H[HPSOR GLVVR p TXH DQWHV D JHQWH QmR SHQVDYD GD
PHVPDIRUPDTXHSHQVDPRVKRMH$QWHVQyVTXHUtDPRVFDGDXPJDQKDURVHXGLQKHLURID]HU
DV FRLVDV GR VHX MHLWR &RPR GL]HP pUDPRV ³FDGD XP QR VHX TXDGUDGR´ 'HSRLV TXH
FRQKHFHPRVDFRRSHUDWLYDYHPRVTXHDSUHQGHPRVDWUDEDOKDUHPFRQMXQWR(QWHQGHPRVTXH
VHQyVQmRWUDEDOKDUPRVXQLGRVQmRFRQVHJXLPRVWHUPLQDVRVHUYLoR
1yV WUDEDOKDPRV GH IRUPD WmR GLIHUHQWH GR VLVWHPD FDSLWDOLVWD 1HVVH VLVWHPD VH
HVWDPRVHPXPDHPSUHVDVHPSUHTXHUHPRVFUHVFHUHDFDEDPRVSDVVDQGRSRUFLPDGHRXWUDV
SHVVRDVSDUDFKHJDURQGHTXHUHPRV-iQDFRRSHUDWLYDHVVDVLWXDomRpGLIHUHQWH1HODYRFr
WHPTXHXQLUIRUoDV FRPRXWUDVSHVVRDVSDUDTXHWRGRPXQGRSRVVDFKHJDUHPXPPHVPR
OXJDUDOFDQoDUXPPHVPRREMHWLYR
1DYHUGDGHHXDFKRTXHWRGRPXQGRTXHSDVVDSRUXPDFRRSHUDWLYDVHWUDQVIRUPD
VDL FRP XP SHQVDPHQWR GLIHUHQWH 6H DFRQWHFH GH DOJXpP VDLU H LU SDUD XPD HPSUHVD
FDSLWDOLVWD HVVH DOJXpP DFDED TXHUHQGR YROWDU SDUD D FRRSHUDWLYD SHOD GLILFXOGDGH GH VH
DGDSWDUFRPRPRGRGHIXQFLRQDPHQWRGDHPSUHVD

0HXSDLpXPH[HPSORGHTXHPID]LDLVVRVDLDGDFRRSHUDWLYDDUUXPDYDHPSUHJR
DEDQGRQDYDHOHHYROWDYDSDUDDFRRSHUDWLYD
1RUPDOPHQWH DV SHVVRDV WHP GLILFXOGDGH HP DGHULU D XPD FRRSHUDWLYD SRU
LQVHJXUDQoDMiTXHDUHWLUDGDPHQVDOGHSHQGHGRWUDEDOKRUHDOL]DGR3RURXWURODGRVHHODV
UHDOPHQWH DSUHQGHP R VHQWLGR GR FRRSHUDWLYLVPR VH HODV UHDOPHQWH DSUHQGHP R TXH p
WUDEDOKDUXQLGRVROLGDULDPHQWHDYLVmRGHODVPXGD
(X SHUFHEL TXH D PXGDQoD TXH RFRUUH HP QyV UHIOHWLX EDVWDQWH QD PLQKD IDPtOLD
0LQKDYLVmRVREUHRTXHDFRRSHUDWLYDHDHFRQRPLDVROLGiULDVLJQLILFDPDPSOLRXPXLWR
(VVDPXGDQoDRFRUUHXSRUTXHQRLQtFLRGRPHXWUDEDOKRQDFRRSHUDWLYDHXPHVHQWLD
PXLWRVR]LQKDHDJRUDTXHDFRRSHUDWLYDHVWiSDVVDQGRSRUXPPRPHQWRGHGLILFXOGDGHHX
SHUFHEL TXH PXLWDV SHVVRDV VH LPSRUWDP FRP D FRRSHUDWLYD FRP R QRVVR WUDEDOKR FRP D
JHQWH$FRRSHUDWLYDUHDOPHQWHPRVWUDTXHWHPXPODGRVRFLDOPXLWRIRUWH
'HVVHMHLWRQyVFRQKHFHPRVYiULDVSHVVRDVGLVSRVWDVDQRVDMXGDUGHWRGDVDVIRUPDV
SRVVtYHLVHPWRGDVDVQRVVDVQHFHVVLGDGHV(SHQVDUTXHD JHQWHUHDOPHQWHLPDJLQDYDTXH
QLQJXpPFRQKHFLDDFRRSHUDWLYDPXLWRPHQRVRVHXYDORU$JRUDSDUWLFLSDQGRGHHYHQWRVH
UHXQL}HV QyV FRQVHJXLPRV SHUFHEHU TXH PXLWDV SHVVRDV VH LPSRUWDP H HQWHQGHP D
QHFHVVLGDGHGHH[LVWLUDVFRRSHUDWLYDV
2XWUD FRLVD TXH SHUFHEHPRV FRP HVVH FRQWDWR FRP RVDSRLDGRUHV p TXH DV SHVVRDV
WHPSHUFHELGRDLPSRUWkQFLDGRWUDEDOKRFRRSHUDWLYRWDPEpPSDUDDFLGDGH&RPRHXGLVVH
HVVHWUDEDOKRWHPXPODGRVRFLDOPXLWRIRUWH(XSHUFHERLVVRQRGLDDGLDREVHUYDQGRTXHDV
FRRSHUDWLYDV DEULJDP DV SHVVRDV TXH VmR H[FOXtGDV GD VRFLHGDGH TXH QmR WHULDP FKDQFHV
QHQKXPD GH HQWUDU HP XPD HPSUHVD FRQYHQFLRQDO 1yV WHPRV FROHJDV GH WUDEDOKR TXH
EHEHPH[SUHVLGLiULRVSHVVRDVFRPQHFHVVLGDGHVHVSHFLDLVPRUDGRUHVGHUXDHLGRVRV
(VVDV SHVVRDV PDLV YHOKDV TXH WUDEDOKDUDP D YLGD WRGD DFKDP TXH QmR WHP PDLV
YDORU SDUD R PHUFDGR GH WUDEDOKR PDV LVVR p QD FDEHoD GHOHV 1yV FRRSHUDGRV TXH
FRQKHFHPRVDHFRQRPLDVROLGiULDVDEHPRVTXHHOHVWrPYDORU
( DFKR TXH p LVVR D FRRSHUDWLYD p PXLWR LPSRUWDQWH SDUD D VRFLHGDGH &RPR HOD
LQFOXLSHVVRDVH[FOXtGDVVRFLDOPHQWHHODGiXPDFKDQFHSDUDTXHHVWDVSHVVRDVPXGHPVXD
PDQHLUDGHHQ[HUJDUDVFRLVDV
$ FRRSHUDWLYD SHUPLWH TXH D SHVVRD VHMD YDORUL]DGD H DVVLP UHFRQKHoD R VHX YDORU
$FKRTXHHODSDVVDDUHFRQKHFHUHODPHVPDHDGDUXPDFKDQFHSDUDDVVXDVYLGDV(ODVWrP
DSRVVLELOLGDGHGHSHUFHEHUTXHH[LVWHPRSRUWXQLGDGHVHTXHpSUHFLVRWHUIRUoDGHYRQWDGH
SDUDDOFDQoiODV

2WUDEDOKRWHFDWDGRUFRRSHUDGRWHPWRGDHVVDVFDUDFWHUtVWLFDVDOpPGDVDPELHQWDLV
(OH FRVWXPD DMXGDU WDPEpP PXLWDV IDPtOLDV -i YL PXLWRV SDLV TXH HVWDYDP SHUGLGRV QDV
GURJDVPXGDUHPFRPRWUDEDOKRHDEDQGRQDUHPRYtFLR(QWmRQmRWHPFRPRQHJDUTXHHVWD
IRUPDGHWUDEDOKRpPXLWRLPSRUWDQWHSDUDDVRFLHGDGH
1RVVD0DULDYRFrMiIDORXWXGR1mRGHL[RXQDGDSDUDPLP
$K-RmRHXHPSROJXHL ULVDGDV
(QWmRIDODXPSRXFRGHHFRQRPLDVROLGiULDLJXDOYRFrID]TXDQGRFKHJDGDVIHLUDVRX
GRVIyUXQVDTXLHPFDVD1mRSDUDGHIDODURTXHDSUHQGHX
,FKLDVIHLUDVHRVIyUXQVVmRPXLWRLPSRUWDQWHV(XDGRURLU$OLiVHXYRXEHPPDLV
TXHR-RmR0DVGHTXDOTXHUMHLWRTXDQGRHXFKHJRHPFDVDHXSURFXURSDVVDUWXGRRTXHHX
DSUHQGLSDUDHOH(HOHJRVWDGHFRQYHUVDUVREUHLVVRSRLVFRPRDJHQWHWUDEDOKDQRPHVPR
VHUYLoRpERPTXHHOHSDVVDDHQWHQGHUPDLVRTXHDFRQWHFHFRPDFRRSHUDWLYD$tTXDQGRD
JHQWH SUHFLVD SDVVDU DOJXPD LQIRUPDomR SDUD RV RXWURV FRRSHUDGRV TXH WDPEpP QmR IRUDP
QDV UHXQL}HV H HYHQWRV GH HFRQRPLD VROLGiULD HOH Mi WHP FRQKHFLPHQWR H SRGH DMXGDU D
³WURFDUILJXULQKDV´FRPRVRXWURV,VVRpVXSHULPSRUWDQWHSDUDIRUWDOHFHUDXQLmRGDVSHVVRDV
HDMXGiODVQDVGLILFXOGDGHV4XDQGRDJHQWHYDLQHVVHVOXJDUHVHGHSRLVWURFDRTXHDSUHQGHX
FRPRVRXWURVDJHQWHDMXGDDHFRQRPLDVROLGiULDHDMXGDRVWUDEDOKDGRUHV$FKRTXHDVVLP
DVFRLVDVFDPLQKDPPHOKRU
$JRUD LVVR WXGR p R TXH HX SHUFHER QR GLD D GLD p R TXH HX UHIOLWR GHSRLV GH
FRQYHUVDVVREUHHFRQRPLDVROLGiULDTXHWHQKRFRPSHVVRDVGDXQLYHUVLGDGHGRJRYHUQRHGR
IyUXPHPJHUDO0DVH[SOLFDURTXHpHFRQRPLDVROLGiULDSDODYUDSRUSDODYUDpGLItFLO$FKR
PDLVIiFLOSDVVDUH[HPSORVGRGLDDGLDPLQKDVLPSUHVV}HVHVHQVDo}HV
&RPRHXTXHURFRQWLQXDUFRQWDQGRVREUHDHFRQRPLDVROLGiULDHPQRVVDYLGDHXYRX
WHQWDUID]HULVVRSDUDYRFrVVDEHUHPRTXHHXHQWHQGRTXHHODVHMD
0DULDHXWDPEpPDFKRPXLWRGLItFLOGHILQLURTXHpHFRQRPLDVROLGiULD9RXGHL[DU
YRFrFRQWLQXDUIDODQGRVREUHLVVRSRUTXHYRFrIDODPHOKRUGRTXHHX0DVIDOHFRPRDJHQWH
FRQYHUVDHGLVFXWHDTXLHPFDVDSRLVpPLQKDYLVmRVREUHLVVRWDPEpP
%RPHQWmRYRXID]HURTXHR-RmRIDORXHYRXFRQWLQXDUIDODQGR ULVDGDV (XDFKR
TXH D HFRQRPLD VROLGiULD p XPD IRUPD GLIHUHQWH GH HFRQRPLD HOD p GLIHUHQWH GD HFRQRPLD
TXH H[LVWH KRMH (OD QmR p FDSLWDOLVWD SRUTXH HOD EXVFD TXH WRGRV SRVVDP JDQKDU FRP VHX
WUDEDOKRTXHWRGRVSRVVDPDWLQJLUVHXVREMHWLYRV(ODWHPXPDSUHRFXSDomREHPVRFLDOFRP
DVSHVVRDVHQmRFRPRGLQKHLUR

$TXLHP6mR&DUORVH[LVWHPYiULRVHPSUHHQGLPHQWRVGHHFRQRPLDVROLGiULDHHXRV
YHMRFRPRXPDDOWHUQDWLYDSDUDDVSHVVRDVSRGHUHPJHUDUUHQGDSDUDVXDVIDPtOLDV0HVPR
TXHjVYH]HVSDVVHPGHVSHUFHELGRV HVVDVSHVVRDVHVWmRJHUDQGR UHQGD H DFKRTXHLVVRpR
PDLVLPSRUWDQWHQRFRPHoR4XDQGRHVVDVSHVVRDVVHRUJDQL]DPHODVFRQVHJXHPVHLQVHULU
QRPHUFDGRGHWUDEDOKRMiTXHQDPDLRULDGDVYH]HVHODVQmRWLQKDPXPHPSUHJRIRUPDORX
ID]LDPDUWHVDQDWRVR]LQKDVRXFDWDYDPUHVtGXRVSHODVUXDV(VVDVSHVVRDVVHRUJDQL]DUHPp
XPMHLWRSDUDHODVVHLQVHULUHPVRFLDOPHQWH
(X YRX FRQWLQXDU HVWXGDQGR VREUH HFRQRPLD VROLGiULD SDUD TXH GD SUy[LPD YH] HX
FRQVLJDH[SOLFDUPHOKRU RVHXVLJQLILFDGR(XSUHFLVRID]HULVVRSDUDTXHHVVD IRUPDGHVH
RUJDQL]DUHSURGX]LUVHHVSDOKHSRUDtHPDLVSHVVRDVSRVVDPVHEHQHILFLDUGHOD
0DVYRFrIDORXTXDVHWXGR(DLQGDVHOHPEURXGHSHVVRDVFRQKHFLGDVSRUWHUFLWDGR
RVH[HPSORVGHWUDEDOKRTXHIDORXHXFRQVLJRSHUFHEHULVVR$0DULDHVWiVHPSUHSHQVDQGR
QDVRXWUDVSHVVRDV
e PDV HX DLQGD SRVVR GL]HU VREUH D HFRQRPLD VROLGiULD TXH HOD WHP PXLWDV
GLILFXOGDGHV GH VH GHVHQYROYHU SRU DFRQWHFHU HP XP PXQGR FDSLWDOLVWD 3RU H[HPSOR QyV
TXHWUDEDOKDPRVFRPUHFLFODJHPWHPRVTXHHQIUHQWDUJUDQGHVHPSUHVDVFRPRVVXFDWHLURV
TXH WDPEpP VH LQWHUHVVDP HP UHFROKHU HVWHV PDWHULDLV 2XWUR H[HPSOR p D FRRSHUDWLYD GH
HQWUHJDVTXHWHPTXHHQIUHQWDURVFRUUHLRVTXHWDPEpPVmRXPDJUDQGHHPSUHVD
,VVRGHL[DWXGRPXLWRGLItFLOGHDFRQWHFHUPDVYDOHDSHQDSRLVYRFrDSUHQGHTXHR
TXHYRFrFRQVHJXHpSUiWRGRPXQGRGHIRUPDLJXDOHQmRSDUDXPDSHVVRDVy1mRpLJXDO
QDVHPSUHVDVJUDQGHVHPTXHXPDSHVVRDILFDULFDHDVRXWUDVFRQWLQXDPQDPHVPDVLWXDomR
$HFRQRPLDVROLGiULDGiRSRUWXQLGDGHVLJXDLVSDUDWRGRVHQHODYRFrFRQVHJXHID]HUREHP
SDUDWRGRVHQmRVySDUDYRFrPHVPRHSDUDSHVVRDVSUy[LPDV
$FKRTXHHXQmRSUHFLVRFRPSOHWDUDIDODGD0DULD0DLVXPDYH]HODGLVVHWXGRR
TXHVHPSUHFRQYHUVDPRVHSHQVDPRV
0DV VH YRFr TXLVHU IDODU PDLV DOJXPD FRLVD -RmR GH UHSHQWH HX HVTXHFL GH DOJXPD
FRLVD
1mRQmRWHQKRPDLVQDGDSDUDIDODUQmR0DULD
(QWmR FRPR HX GLVVH QR LQtFLR HX LD FRQWDU FRPR D HFRQRPLD VROLGiULD HQWURX HP
QRVVDVYLGDVHFRPR HODLQWHUIHULRXQDYLGDIDPLOLDU$FKRTXH DWp DJRUDHXFRQVHJXLIDODU
FRPHODHQWURXQDQRVVDYLGDHPLQKDRSLQLmRVREUHHOD$JRUDYRXIDODUXPSRXFRPDLVGH
QRVVDYLGDIDPLOLDUHVRFLDO
$TXLHPFDVDDJHQWHQmRWHPQHFHVVDULDPHQWHXPOtGHU

0DVHXGHL[RYRFrIDODUTXHpYRFr0DULD ULVDGDV
$K-RmR ULVDGDV 2EULJDGDYRFrVDEHUTXHHXPDQGRPDLVPHVPRQmRp" ULVDGDV
%ULQFDGHLUDV j SDUWH YRFr VDEH TXH QmR p DVVLP (X WHQKR PDLV IDFLOLGDGH GH IDODU H PH
H[SRUPDVDTXLHPFDVDDJHQWHGLYLGHWXGRVHMDPSUREOHPDVRXVHUYLoRVGHFDVDeFRPR
QR FDGD XP WHP D VXD IXQomR PDV WUDEDOKDPRV GH IRUPD FRRSHUDGD 1HQKXP ID] PDLV
FRLVDVGRTXHRRXWURDSHQDVID]HPRVRTXHFDGDXPWHPPDLVIDFLOLGDGH$OJXPDVFRLVDV
FRPRDOPRoRHMDQWDUDJHQWHUHYH]DRXWURVVHUYLoRVQyVGLYLGLPRVSRUKDELOLGDGHPHVPR
(XDFKRTXHFRQVHJXLPRVQRVRUJDQL]DUDVVLPSRUFDXVDGRWUDEDOKR$JHQWHFRPHoD
D FRQYLYHU GDTXHOH MHLWR GH IRUPD LJXDO 7DQWR p TXH QD FRRSHUDWLYD WRGRV WHP RV PHVPR
GLUHLWRVGHIDODUDVRSLQL}HVGHSDUWLFLSDUGDVGHFLV}HV(DJHQWHWUD]XPSRXFRGLVVRSUi
FDVD 8P H[HPSOR GLVVR p TXH D JHQWH Vy WRPD XPD GHFLVmR GHSRLV GH GLVFXWLU EDVWDQWH DV
RSLQL}HVGHFDGDXP(QDFRRSHUDWLYDpDVVLPWDPEpPDVGHFLV}HVVyVmRWRPDGDVGHSRLVGH
DFRQWHFHUDVYRWDo}HV
'HVVH MHLWR TXDQGR WHPRV XP SUREOHPD HP FDVD QyV WDPEpP UHVROYHPRV
FRQYHUVDQGR(XDFKRTXHQHVVHSRQWRVRPRVGLIHUHQWHVGHPXLWRVFDVDLVSRUTXHDJHQWHQmR
ILFD EULJDQGR $ JHQWH FRQYHUVD EDVWDQWH PHVPR 0DV JUDoDV D 'HXV QmR WHPRV PXLWRV
SUREOHPDV
6RPRV Vy QRV GRLV DWXDOPHQWH WDOYH] TXDQGR WLYHUPRV ILOKRV WHQKDPRV PDLV
SUREOHPDVPDVDJHQWHVHPSUHSURFXUDGLDORJDUHDFKRTXHYDPRVFRQWLQXDUDVVLPeGLItFLO
WHUDOJXPDGLVFXVVmR
eTXHVHDJHQWHEULJDUDRLQYpVGHFRQYHUVDUHUHVROYHUDVLWXDomRDJHQWHYDLFULDU
RXWUR SUREOHPD 0DV VH QmR FKHJDUPRV HP XPD FRQFOXVmR D 0DULD YHP H PH ³SHJD´
ULVDGDV
ULVDGDV (X ³SHJR´ PHVPR -RmR´ ULVDGDV %ULQFDGHLUD GH QRYR $ JHQWH VHPSUH
EXVFDDPHOKRUIRUPDGHUHVROYHURSUREOHPDMXQWRV
(QILPHVWDIRUPDGHOLGDUFRPDVFRLVDVHPFDVDGHGLYLGLUDVWDUHIDVQRVOHYDDWHU
XPD URWLQD (P JHUDO R -RmR p PDLV RUJDQL]DGR (OH FKHJD GR WUDEDOKR H Mi TXHU ID]HU DV
FRLVDV(XMiJRVWRGHFKHJDUHVHQWDUXPSRXFRGHVFDQVDURFRUSRGHVFDQVDUDFDEHoDDQWHV
GHID]HURVVHUYLoRVGHFDVD$tGXUDQWHDVHPDQDR-RmRDFDEDID]HQGRTXDVHWRGRRVHUYLoR
GHFDVDFRPRDUUXPDU FDPDHYDUUHURFKmR$ MDQWDD JHQWHUHYH]DPHVPR9RFrYLXTXH
HVWRXWHYDORUL]DQGRKHLQ" ULVDGDV
ULVDGDV 2EULJDGR0DULDeEHPLVVRPHVPR(TXDQGRXPID]DMDQWDRRXWURODYDD
ORXoDHDVVLPYDPRVUHYH]DQGR$JHQWHGLYLGHSUiQmRILFDUSHVDGR

ePDVQRILQDOGHVHPDQDVREUDSUiPLP ULVDGDV $JHQWHDWpGLYLGHDVWDUHIDVQR

ILQDOGHVHPDQDPDVHXDFDERWHQGRTXHODYDUDVURXSDVDORXoDID]HUDMDQWDHWRGRRUHVWR
TXH D JHQWH GLYLGLX ULVDGDV (X HVWRX Vy EULQFDQGR FRP R -RmR e TXH FRPR HX GLVVH Oi
DWUiV HX YRX PXLWR HP HYHQWRV H IHLUDV H QHVVHV GLDV HOH WHP TXH ID]HU WXGR 1R PrV
SDVVDGR SRU H[HPSOR HX SDUWLFLSHL GHVVHV OXJDUHV TXDVH R PrV LQWHLUR 7LYHPRV PXLWDV
UHXQL}HVQDFRRSHUDWLYDWDPEpP(QWmRTXDQGRHXFKHJDYDHPFDVDMiWDYDWXGRSURQWRHOH
MiWLQKDIHLWRWXGR
(XIDoRLVVRSDUDQmRILFDUSHVDGRSDUDD0DULD6HHODWUDEDOKDPDLVIRUDHXWUDEDOKR
PDLVGHQWURGHFDVDSDUDHTXLOLEUDU
(HOHDMXGDPXLWRPHVPR$JHQWHVHDMXGD(XDFKRTXHLVVRWHPPXLWRLQIOXrQFLD
SRVLWLYD GD HFRQRPLD VROLGiULD $ JHQWH FRQVHJXH WUD]HU H[SHULrQFLDV TXH YHPRV IRUD SDUD
GHQWUR GH FDVD 1D YHUGDGH DFKR TXH p DVVLP FRP WXGR R TXH D JHQWH YLYH D JHQWH DFDED
WUD]HQGRVHPSUHDOJXPDFRLVD0HVPRTXHSDVVHPRVSRUPRPHQWRVGLItFHLVHUXLQVDJHQWH
WHQWDWUD]HURTXHpPHOKRUSDUDFDVD7XGRRTXHYLYHPRVQRWUDEDOKRHHPRXWURVHVSDoRV
GH HFRQRPLD VROLGiULD D JHQWH WUiV SUi FDVD H DFKR TXH DVVLP IXQFLRQD EHP SRLV DMXGD D
JHQWHDVHUHODFLRQDUDGLDORJDU
( FRPR D 0DULD SDUWLFLSD PDLV GDV UHXQL}HV HOD DFDED WUD]HQGR PDLV FRLVDV GH
HFRQRPLDVROLGiULDSDUDFDVDSDUDGLVFXWLUPRV
(-RmRHXDFKRTXHHVVHMHLWRHRPRPHQWRTXHDJHQWHYLYHHYLWDTXHDJHQWHSDVVH
SRUSUREOHPDVGHVQHFHVViULRVHGLILFXOGDGHV3RULVVRDLQGDQmRSUHFLVDPRVID]HUWUDWDPHQWRV
GH VD~GH H QHP FXLGDU GD SDUWH HPRFLRQDO SRLV DFKR TXH D JHQWH DLQGD QmR FKHJRX QHVVD
IDVH ULVDGDV 0DVPHVPRDVVLPDJHQWHVDEHTXHXPGLDSRGHPRVSUHFLVDUXWLOL]DUVHUYLoRV
GHVD~GH
2XWUD FRLVD LPSRUWDQWH TXH D FRRSHUDWLYD QRV WURX[H PXLWR SRVLWLYD p XPD RSomR
UHODFLRQDGDDROD]HUHTXHVHUHODFLRQDFRPDLQFOXVmRVRFLDOTXHHXGLVVHTXHDFRRSHUDWLYD
SURSRUFLRQD D JHQWH FRQVHJXLX VH DVVRFLDU DR 6(6& 'HSRLV GH PXLWDV UHXQL}HV H GHEDWHV
TXH IL]HPRV Oi GHQWUR XP GRV UHVSRQViYHLV IRL PXLWR DWHQFLRVR H OHYRX QRVVD VROLFLWDomR
SDUDTXHFDWDGRUHVSXGHVVHPVHDVVRFLDUHHOHFRQVHJXLXDXWRUL]DomR
,VVRQDYHUGDGHIRLDWpXPDVXUSUHVDSRUTXHID]LDXPERPWHPSRTXHHXWLQKDSHGLGR
MiHHXDWpWLQKDHVTXHFLGR1DpSRFDD JHQWHMXVWLILFRXTXHSRUPDLVTXHUHDOL]HPRVXP
FRPpUFLR GLIHUHQWH GRV ORMLVWDV D JHQWH FRPHUFLDOL]D PDWHULDLV UHFLFOiYHLV H HOHV DFHLWDUDP
TXHSDUWLFLSiVVHPRVGHOi

(VVDLQFOXVmRpPXLWRLPSRUWDQWHSDUDRVFDWDGRUHVSHODSRVVLELOLGDGHGHDFHVVRDXP
OXJDUTXHHOHVQXQFDSHQVDUHPTXHSRGHULDPID]HUSDUWH,VVRFRPFHUWH]DID]FRPTXHHOHV
VH VLQWDP YDORUL]DGRV /i QR 6(6& WHP WHDWUR LQIUDHVWUXWXUD GH HVSRUWHV H PXLWR PDLV
RSo}HVHVHRVFRRSHUDGRVSRGHPSDUWLFLSDUGHOiYmRWHUDFHVVRDPXLWDVFRLVDVERDVSDUD
ID]HUHSRVVLELOLGDGHGHFRQYLYHUFRPRXWUDVSHVVRDVVHVRFLDOL]DUPDLV
0DULDHXDFKRTXHpERPSDUDDVIDPtOLDVWDPEpP
$KFRPFHUWH]D-RmR$VIDPtOLDVWDPEpPVHUmREHQHILFLDGDVDWpHQWmRWLUDQGRD
SDUWH HFRQ{PLFD WRGRV RV EHQHItFLRV GLUHWRV TXH WtQKDPRV HUD VRPHQWH SURV FRRSHUDGRV
$JRUDDVIDPtOLDVWDPEpPHVWmRVHEHQHILFLDQGRGHPDLVFRLVDV
/i QR 6(6& HOHV ID]HP XP WUDEDOKR EHP VRFLDO H FRQVHJXLUDP XP YDORU PDLV
DFHVVtYHO SDUD TXH FRQVHJXtVVHPRV SDJDU D PHQVDOLGDGH ( PHVPR DVVLP WHPRV DFHVVR D
WXGRFRPRTXDOTXHUVyFLR
(XHVWRXDQVLRVDSDUDGDUHVVDQRWtFLDSDUDD&223(59,'$0DVYDPRVWHUTXHQRV
RUJDQL]DU EHP SRLV R UHVSRQViYHO SHGLX TXH IRVVHPRV PDWULFXODQGR RV FRRSHUDGRV DRV
SRXFRV GDQGR SUHIHUrQFLD SDUD RV PDLV DQWLJRV SRUTXH FRPR WHP PXLWD URWDWLYLGDGH QD
FRRSHUDWLYD LVVR HYLWD TXH KDMD PXLWD WURFD GH VyFLRV SRU HQWUDGD H VDtGD GH QRYRV
FRRSHUDGRV 8P DJUDYDQWH GHVVD VLWXDomR p R PRPHQWR GLItFLO TXH D FRRSHUDWLYD HVWi
SDVVDQGRTXHIH]VDLUPXLWRVFRRSHUDGRVHDJHQWHWHYHTXHEXVFDUGLYHUVRVQRYRV
2VFRRSHUDGRVTXHHVWmRKiPDLVWHPSRIRUDPEHQHILFLDGRVHQWmRDTXHOHVTXHHVWmR
MXQWRV SRU PXLWR WHPSR H QmR GHVLVWLUDP QHVVH PRPHQWR GH GLILFXOGDGH 6mR DQRV GH
&223(59,'$ H GXUDQWH WRGRV HVVHV DQRV PXLWRV QmR YDORUL]DUDP HOD H GHVLVWLUDP
RXWURV GHVLVWLUDP PDV YROWDUDP HQWmR DTXHODV SHVVRDV TXH HVWmR PHVPR GHVGH R LQtFLR
OXWDQGRFRPDJHQWHDJHQWHSURFXURXGDUGHFHUWDIRUPDXPSRXFRGHSULRULGDGH
$V SHVVRDV TXH UHVLVWLUDP D HVVH PRPHQWR VmR PDLV IL[DV QR HPSUHHQGLPHQWR 'H
UHSHQWHHVVDFRQTXLVWDGR6(6&pDWpXPLQFHQWLYRSDUDRVPDLVQRYRVHQmRVRPHQWHSDUD
HVVHVFRRSHUDGRVPDLVDQWLJRV
(XDFKHLTXHQyVQmRFRQVHJXLUtDPRVVHDVVRFLDUDR6(6&PDVHXQmRGHVLVWLHGHILQLTXHHX
LULDDRPHQRVWHQWDU
(XFRQYHUVHLFRPD0LULDPOiGD&223(59,'$TXHDPDQKmDJHQWHWHPTXHOHYDUD
UHODomRGHFRRSHUDGRVSDUDID]HUDVFDUWHLULQKDVHFRQKHFHUPHOKRURORFDOSDUDIDODUSDUDR
SHVVRDOHLQFHQWLYiORVDIUHTXHQWDU(XPHVPDTXDQGRWLYHUDFDUWHLULQKDQDPmRQmRYRX
GHL[DUGHLUXPGLD
1HPHX0DULD

9DL VHU OHJDO DFKR TXH SULQFLSDOPHQWH SURV PHQLQDV TXH JRVWDP GH MRJDU IXWHERO
$FKRTXHYDLVHUERPWDPEpPSDUDRVFDWDGRUHVTXHDFKDPTXHQmRVmRQDGDQRPXQGRYDL
LQFHQWLYiORVHPVXDVYLGDVYDLID]rORVSHUFHEHUTXHWDPEpPSRGHPWHUFRLVDVERDV
3DUWLFLSDUGR6(6&VHUiERPSDUDQRVVDFRQYLYrQFLDHpWmRHVWUDQKRSRLVQHPFRP
RVYL]LQKRVDJHQWHFRQYHUVDPXLWR1yVFKHJDPRVWmRFDQVDGRVGDFRRSHUDWLYDTXHTXDQGR
HVWDPRV HP FDVD ID]HPRV R VHUYLoR H GRUPLPRV $t GXUDQWH D VHPDQD DFDEDPRV ILFDQGR
PXLWRGHQWURGHFDVDPHVPR1RILQDOGHVHPDQDTXDQGRHXQmRWHQKRQDGDSDUDID]HUGD
FRRSHUDWLYDHXSURFXURILFDUPDLVFRPR-RmRFRPPHXVSDLVHSDUHQWHV26(6&YDLVHU
PDLVXPDRSomR
3HQVDQGRDLQGDVREUHDFRRSHUDWLYDVREUHDVGLILFXOGDGHVTXHWHPRVSDVVDGRHXYHMR
RXWUDTXHVWmRTXHDLQGDWHPPXLWDSDUDVHID]HUVREUHDHGXFDomR
3HQVR TXH SUHFLVDPRV OHYDU PDLV SDUD GHQWUR GDV HVFRODV D LPSRUWkQFLD GD FROHWD
VHOHWLYD SDUD UHIRUoDU FRP RV TXH Mi VDEHP TXH HOD H[LVWH H SDUD LQIRUPDU R TXH QmR
FRQKHFHPDFROHWD0XLWDVHVFRODVDLQGDQmRID]HPDVHSDUDomRHQmRHQWUHJDPQDGDSDUDD
FROHWDPDVWHPDVTXHID]HP(QWmRDFKRTXHDHGXFDomRpXPFDPLQKRPXLWRLPSRUWDQWH
SDUDTXHDSRSXODomRHPJHUDO
$VSHVVRDVGH6mR&DUORVDLQGDHVWmRORQJHGHVHURLGHDOSDUDTXDOTXHUFLGDGH$V
SHVVRDVDTXLQmRFRPSUHHQGHPRYDORUHQmRGmRLPSRUWkQFLDSDUDDFROHWDVHOHWLYD(XVHL
TXHpGLItFLOPXGDUTXHHVVDPXGDQoDGHSHQVDPHQWRpXPDFRQTXLVWD TXHWHPRVSRXFRD
SRXFRPDVDHGXFDomRIRUWDOHFHHVVDSRVVLELOLGDGHGHPXGDQoD$HGXFDomRSRGHFRQWULEXLU
SDUDIRUWDOHFHUDHFRQRPLDVROLGiULD
/i QD FRRSHUDWLYD HX Mi IL] YiULDV FRLVDV Mi IXL GR FRQVHOKR DGPLQLVWUDWLYR H Mi
WUDEDOKHL HP WRGRV RV RXWURV VHWRUHV $WXDOPHQWH HX QmR VRX GRV FRQVHOKRV PDV HX WHQKR
DMXGDGR EDVWDQWH DV PHQLQDV SRUTXH D SUHVLGHQWH SUHFLVRX VH DIDVWDU H FRPR HODV ILFDUDP
FRPPXLWRWUDEDOKRHHXJRVWRGHDMXGDUHXPH³HQILHLÓiGHQWUR ULVDGDV
(XHVWRXWHQWDQGRDMXGDUDEXVFDUFRLVDVPHOKRUHVSDUDDJHQWHGLVFXWLQGREULJDQGR
GLDORJDQGR FRP SUHIHLWXUD FRP XQLYHUVLGDGH FRP WRGR PXQGR SDUD FRQTXLVWDU FRLVDV TXH
QRVDMXGHDGHVHQYROYHU(XVRXGDTXHODVSHVVRDVTXHUHDOPHQWH³YLVWRDFDPLVD´7DQWRVRX
DVVLPTXHPHVPRTXDQGRRVRXWURVFRRSHUDGRVDFKDPTXHHXQmRGHYRID]HUDOJRHXIDoR
SRUTXHPHSUHRFXSRPXLWRFRPHOHVSRUTXHHXVHLGDLPSRUWkQFLDGRWUDEDOKRGHFDGDXPH
SRUTXH HX VHL TXH VH QmR IRVVH D FRRSHUDWLYD PXLWRV GHOHV LULDP ID]HU FRLVDV TXH QmR VmR
OHJDLV2XHVWDULDPGHVHPSUHJDGRVRXXVDQGRGURJDVTXHPVDEHDWpYHQGHQGR

2TXHHXSXGHUID]HUPHVPRTXHQHPWRGRVFRQFRUGHPHYRXID]HUSRUTXHHXVHL
TXH PXLWRV GHOHV QmR HQ[HUJDP DOJXPDV FRLVDV HOHV WHP PHGR H TXHP VDEH HX SRVVR
FRQWULEXLU H PRVWUDU TXH HOHV SRGHP PDLV" 2 -RmR PHVPR Mi PH FKDPRX D DWHQomR VREUH
LVVRSRUTXHDVSHVVRDVDWpIDODPPDOGHPLP0DVHXQmRPHLPSRUWRSRLVHXVHLTXHXP
GLD HODV SHUFHEHUmR TXH HX HVWRX DMXGDQGR D WUD]HU EHQHItFLRV SDUD HODV ( HVVH p R PHX
REMHWLYR DMXGDU D WRGR PXQGR H ID]HU FRP TXH R QRVVR WUDEDOKR QmR SDUH SRUTXH p XP
WUDEDOKRLPSRUWDQWHWDQWRSUiVRFLHGDGHTXDQWRFRPRSUiQyVFDWDGRUHV
2-RmRMiIRLGRFRQVHOKRDGPLQLVWUDWLYRWDPEpP
6LPPDVKRMHHXWUDEDOKRQDFROHWDVHOHWLYDQDUXD7UDEDOKRQRFDPLQKmR
%RP HVVD IRL D QRVVD KLVWyULD D QRVVD SHUFHSomR GDV FRLVDV $ HFRQRPLD VROLGiULD
HQWURX HP QRVVDV YLGDV DWUDYpV GRV PHXV SDLV TXH QRV PRVWUDUDP D FRRSHUDWLYD (OD
LQIOXHQFLRX SRVLWLYDPHQWH QRVVD YLGD IDPLOLDU H VRFLDO H QRV IH] WHU IRUoDV SDUD HQIUHQWDU
PRPHQWRV GH GLILFXOGDGH &RP HOD SDVVDPRV D VHU PDLV WROHUDQWHV H VROLGiULRV H
SHUFHEHPRVTXHH[LVWHRXWUDIRUPDGHHQ[HUJDURPXQGR8PDIRUPDTXHEHQHILFLHDWRGRVH
QmRVRPHQWHRLQGLYLGXDO$LQGDWHPRVGHVDILRVDHQIUHQWDUPDVHXPXGHLPLQKDYLVmRVREUH
DVFRLVDVHHVWRXEDWDOKDQGRSRUFRQGLo}HVVRFLDLVPHOKRUHVSDUDRVFDWDGRUHVHSDUDWRGRV
&RQWRFRPDSDUFHULDGHPHXPDULGR-RmRTXHHVWiVHPSUHFRODERUDQGRFRPPLQKDVDo}HV

2 *UXSR )DPLOLDU IRUPDGR DSHQDV SRU XP FDVDO p XP JUXSR PXLWR GLVSRVWR H
PRWLYDGR D IDODU VREUH R VHX WUDEDOKR H VXD URWLQD 'XUDQWH WRGD D SHVTXLVD HOHV IRUDP
SDUWLFLSDWLYRV 2 PDULGR GD FDWDGRUD GH UHIHUrQFLD IDORX SRXFR PDV D WRGR WHPSR VH
PDQLIHVWDYD DWUDYpV GH OLQJXDJHP FRUSRUDO QRUPDOPHQWH FRQFRUGDQGR FRP R TXH D HVSRVD
PDQLIHVWDYD
$ YDOLGDomR GR WH[WR WUDQVFULDGR RFRUUHX FRP VXFHVVR VHQGR TXH RV FDWDGRUHV VH
VHQWLUDPFRQWHPSODGRVFRPRFRQWH~GRDSUHVHQWDGR
(VWH JUXSR FRQVLGHURX TXH D LQVHUomR QD FRRSHUDWLYD WURX[H PXGDQoDV VLJQLILFDWLYDV
SDUDDYLGDIDPLOLDU(OHVDWULEXtUDPjIRUPDGHRUJDQL]DomRFRRSHUDWLYDDGHILQLomRGHVXD
URWLQD GLiULD SRU VHQWLUHP TXH DV H[SHULrQFLDV YLYHQFLDGDV QR WUDEDOKR LQIOXHQFLDUDP QR
FRWLGLDQRGRPpVWLFR
(P VXD FDVD R FDVDO GLYLGLD WRGRV RV WUDEDOKRV UHVSHLWDQGR DV UHVSRQVDELOLGDGHV H
FRPSURPLVVRVTXHFDGD XPWLQKDGHQWURGDFRRSHUDWLYD([HPSOLILFDUDP TXHTXDQGR0DULD
WUDEDOKDYD PDLV WHPSR IRUD WHQGR TXH LU D UHXQL}HV LQFOXVLYH DRV ILQDLV GH VHPDQD -RmR
UHDOL]DYDRVWUDEDOKRVGHFDVDHTXDQGR0DULDSRGLDHODUHWULEXtD

$ FDWDGRUD GH UHIHUrQFLD FRQVWLWXLX D SDUWLU GR WUDEDOKR GH FDWDGRUD FRRSHUDWLYDGD
SHUVSHFWLYDVHREMHWLYRVGHYLGDTXHYLVDYDPPHOKRULDVSDUDDYLGDGHWRGDXPDSRSXODomRH
QmRVRPHQWHSDUDDGHODDWLWXGHQDTXDOSRGHPRVREVHUYDUXPDFDUDFWHUtVWLFDVROLGiULD
(ODFRQVLGHURXWDPEpPDYLYrQFLDSHVVRDOGHFDGDFRRSHUDGRPRVWUDQGRUHVSHLWRSRU
HODVHDILUPDQGRTXHVHSUHRFXSDYDHPDX[LOLDUQDHVWDELOLGDGHGRHPSUHHQGLPHQWRSDUDTXH
HVWDV SHVVRDV SXGHVVHP FRQWLQXDU XVXIUXLQGR GH GLYHUVRV EHQHItFLRV FRPR D LQVHUomR
HFRQ{PLFDHVRFLDODYDORUL]DomRGRWUDEDOKDGRUHDXQLmR
0DULD DLQGD WURX[H D SHUFHSomR GH TXH RV SDUFHLURV GR HPSUHHQGLPHQWR FLWDQGR D
XQLYHUVLGDGHHRJRYHUQRPXQLFLSDOFRPRSRWHQFLDLVDFRQWULEXLUFRPRGHVHQYROYLPHQWRGR
HPSUHHQGLPHQWR SURSRUFLRQDQGR FRQKHFLPHQWRV QHFHVViULRV SDUD DWHQGHU jV GHPDQGDV
DSUHVHQWDGDV
3{GHVHUREVHUYDGRWDPEpPRDVSHFWRSROtWLFRSHUPHDQGRVXDVIDODVTXDQGRHODGLVVH
VHU LPSRUWDQWH SDUWLFLSDU GH HVSDoRV GH SDUWLFLSDomR SRSXODUHV FRPR IyUXQV H IHLUDV SDUD
DGTXLULU FRQKHFLPHQWRV H WURFiORV FRP RV RXWURV FRRSHUDGRV SDUD TXH HVWHV WHQKDP
SRVVLELOLGDGHGHDPSOLDUVXDVYLV}HVVREUHRTXHpDFRRSHUDWLYD
$TXHVWmRHFRQ{PLFDWDPEpPSHUPHRXVXDVUHIOH[}HV(ODLQGLFRXTXHDFRRSHUDWLYD
HVWDYDSDVVDQGRSRUGLILFXOGDGHVHFRQ{PLFDVHTXHPXLWRVFRRSHUDGRVSRUQmRFRQKHFHUHP
PXLWRDHFRQRPLDVROLGiULDDEDQGRQDUDPRHPSUHHQGLPHQWRDRFRQWUiULRGRVFDWDGRUHVPDLV
DQWLJRVTXHVHJXQGRHODVmRPDLVLQIRUPDGRVHSHUPDQHFHUDPSDUDOXWDUSHODHVWDELOLGDGHGR
HPSUHHQGLPHQWR
(OD LQGLFRX WDPEpP D LPSRUWkQFLD GD HGXFDomR QmR VRPHQWH GRV FRRSHUDGRV PDV
WDPEpPGDSRSXODomRTXHGHVFRQKHFHRXQmRGiLPSRUWkQFLDSDUDRWUDEDOKRGRFDWDGRU
2 PDULGR GD FDWDGRUD IDORX WDPEpP TXH QD IDVH HP TXH R HPSUHHQGLPHQWR VH
HQFRQWUDYDSRVVLELOLWDYDEHQHItFLRVWDPEpPSDUDDVIDPtOLDVGRVFDWDGRUHVSHODSRVVLELOLGDGH
GH LQVHUomR H VRFLDOL]DomR QR HVSDoR GR 6(6& UHIHULQGRVH jV SRVVLELOLGDGHV GH PRPHQWRV
GLIHUHQFLDGRVGHOD]HU
$FDWDGRUDVREUHHVVHDVVXQWRUHVVDOWRXTXHDDFHLWDomRGRVFDWDGRUHVFRPRVyFLRVGR
6(6&IRLUHVXOWDGRGHXPDOXWDGDTXDOHODQmRGHVLVWLX6HJXQGRHODHVVHH[HPSORPRVWURX
DRV FDWDGRUHV TXH HOHV SRGHP FRQVHJXLU PXLWDV FRLVDV VH WHQWDUHP (VWD LQVHUomR VRFLDO
VHJXQGRHODYDORUL]RXRVFDWDGRUHVPHOKRUDQGRVXDDXWRHVWLPDMiTXHSDVVDUDPDIUHTXHQWDU
XPOXJDUTXHSDUHFLDGLVWDQWHHDWpLPSRVVtYHOSDUDHOHV
(VWDSRVVLELOLGDGHGHDVVRFLDomRDR6(6&RFRUUHXDSyVQHJRFLDo}HVTXHFRPHoDUDP
SRU LQLFLDWLYD GD FDWDGRUD GR *) GD &223(59,'$ FRP UHSUHVHQWDQWHV GR 6(6& $
FDWDGRUD0DULDDUJXPHQWRXTXHDFRRSHUDWLYDWDPEpPFRPHUFLDOL]DYDHQWmRTXHWHULDGLUHLWR

GHVHDVVRFLDUDR6(6&2UHSUHVHQWDQWHTXHHVWDYDHPFRQWDWRFRPHODEXVFRXLQIRUPDo}HVH
FRQVHJXLXTXHRVFRRSHUDGRVVHDVVRFLDVVHP(VVHVFRQWDWRVHQWUHFDWDGRUHVHUHSUHVHQWDQWHV
GR 6(6& FRPHoDUDP HP HYHQWRV UHDOL]DGRV QR SUySULR 6(6& FRPR SDUWH GH VXD
SURJUDPDomR
&RQVLGHUDQGR TXH D FDWDGRUD FRQKHFHX FRPR p FDWDU QR DWHUUR SRUTXH VHXV SDLV
FDWDYDP Oi DQWHV GH H[LVWLU D FRRSHUDWLYD HOD FRQVHJXLX FRPSDUDU TXH DWXDOPHQWH D
RUJDQL]DomR GR WUDEDOKR p EHP PHOKRU SRLV RV FRRSHUDGRV WUDEDOKDP FRP PDWHULDLV
UHFLFOiYHLV Mi VHSDUDGRV QDV UHVLGrQFLDV H FRPpUFLRV VHQGR PDLV OLPSRV DR FRQWUiULR GRV
PDWHULDLVGRDWHUURTXHHUDPPXLWRVXMRV(ODFRQVLGHURXWDPEpPTXHQRDWHUURRVFDWDGRUHV
HUDP VXMHLWRV D PXLWDV GRHQoDV H TXH QD FRRSHUDWLYD HOHV SRVVXtDP PHOKRUHV FRQGLo}HV GH
WUDEDOKR
2V GRLV PHPEURV GD IDPtOLD UHODWDUDP WHU R HQVLQR PpGLR FRPSOHWR H FRQVLGHUDUDP
LPSRUWDQWHFRQWLQXDUHVWXGDQGRSDUDSRGHUWUDQVPLWLUGHIRUPDPDLVHILFD]RTXHpHFRQRPLD
VROLGiULD $PERV WLYHUDP GLILFXOGDGH HP GHILQLOD PDV FRQVHJXLUDP LOXVWUDU R TXH HOD
VLJQLILFDSDUDHODDWUDYpVGHH[HPSORVHDSUHVHQWDomRGHVXDVRSLQL}HVVREUHHOHV
(OHVDFRQVLGHUDUDPXPDQRYDIRUPDGHSURGXomRFRQWUiULDjFDSLWDOLVWDTXHSULRUL]D
D LQVHUomR GR WUDEDOKDGRU DR LQYpV GR DF~PXOR GH GLQKHLUR (OHV H[HPSOLILFDUDP LVVR
FRPSDUDQGRXPDJUDQGHHPSUHVDHPTXHXPDSHVVRDDFXPXODRVOXFURVHQULTXHFHQGR3DUD
HOHVQDHFRQRPLDVROLGiULDWRGRVSRVVXHPDVPHVPDVFKDQFHVHSRVVLELOLGDGHVHDVGLYLV}HV
VmRLJXDLV
$ IDPtOLD DILUPRX FRQFRUGDU FRP RV SULQFtSLRV GD HFRQRPLD VROLGiULD H RV
GHIHQGHUDP(OHVGLVVHUDPDLQGDTXHRVH[HUFLWDPQRGLDDGLDHTXHFRQYHUVDPVREUHHOHV
$R PHVPR WHPSR HP TXH 0DULD GLVVH SUH]DU D SHOD FRQVFLHQWL]DomR GRV FDWDGRUHV HOD VH
DILUPRXGLVSRVWDDUHDOL]DUDo}HVTXHRVFDWDGRUHVSRUYH]HVQmRFRQFRUGDYDP(ODGLVVHTXH
RV FDWDGRUHV QmR FRUURERUDYDP FRP PXLWDV GH VXDV LGHLDV SHOD IDOWD GH SHUVSHFWLYD GH
PHOKRUDUHGHFRQKHFLPHQWRGRVFDWDGRUHVHTXHGHVVHPRGRHODVHVHQWLDUHVSRQViYHOSRU
LQVLVWLU QD UHDOL]DomR GH Do}HV TXH DFUHGLWDYD VHU SDUD R EHP GHOHV )RL R TXH DFRQWHFHX
LQFOXVLYHVREUHDDVVRFLDomRDR6(6&

7&' 5(#4
3UH]DGRVPHXQRPHp0LULDPWHQKRDQRVHVRXFDWDGRUDQD&223(59,'$
(X H PLQKD IDPtOLD YDPRV FRQWDU D KLVWyULD GH FRPR FRQKHFHPRV D HFRQRPLD
VROLGiULDHFRPRHODSHUPHLDQRVVRGLDDGLD

0HX FRPSDQKHLUR 3HGUR WHP DQRV H WDPEpP p FDWDGRU GD &223(59,'$ -i
PHXILOKR3DXORWHPRLWRDQRVHVyHVWXGD7HQKRPDLVXPILOKRPDVSRUHOHWHUDSHQDV
DQRVHOHQmRSDUWLFLSDUiGHVVDQDUUDomR
(XHR3DXORQmRVRPRVFDVDGRVFLYLOPHQWHDSHQDVUHVLGLPRVMXQWRVHFRPLVVRQRV
FRQVLGHUDPRV FDVDGRV (X HVWXGHL DSHQDV DWp D VpULH H HOH TXDVH WHUPLQRX RV HVWXGRV
FRPSOHWDQGRDWpRFROHJLDO0HXILOKRHVWiTXDVHPHDOFDQoDQGRQRVHVWXGRVHVWiID]HQGR
DVpULH
4XDQGR WHPRV QRVVRV PRPHQWRV GH OD]HU HX JRVWR GH ILFDU FRP PHXV ILOKRV 0HX
PDULGRWDPEpPJRVWDPDVHOHWDPEpPYDLMRJDUERODHQDDFDGHPLD0HXILOKRFODURJRVWD
GHEULQFDUHMRJDUERODFRPRSDL
0mH YRFr QmR IDORX TXH YRFr WDPEpP JRVWD GH GRUPLU H TXH HX WDPEpP JRVWR GH
DVVLVWLU79HODYDUORXoD
ULVDGDV 7XGR EHP ILOKR 2EULJDGD SRU PH DMXGDU D OHPEUDU (X JRVWR PHVPR GH
GRUPLU
(XWUDEDOKRKiDQRVQD&223(59,'$HDQWHVGHVXDXQLILFDomRHXWUDEDOKHLDQR
QD(&2$7,9$(XDFRQKHFLDWUDYpVGRPHXPDULGRTXHMiWUDEDOKDYDOi
$QWHV GH WUDEDOKDUPRV QD FRRSHUDWLYD HOH HUD FDWDGRU QR DWHUUR VDQLWiULR H HX HUD
HPSUHJDGDGRPpVWLFD4XDQGRILTXHLGHVHPSUHJDGDFRQVHJXLWUDEDOKRQDFRRSHUDWLYD
4XDQGR HX HUD HPSUHJDGD GRPpVWLFD R WUDEDOKR HUD PXLWR FDQVDWLYR SRLV HUD K
TXDVHGLUHWDV(UDEHPFRUULGR
$JRUDQDFRRSHUDWLYDHXDLQGDWUDEDOKRRLWRKRUDVPDVQmRpWmRFDQVDWLYRTXDQWR
HUDDQWHV(XJRVWRPDLVSRUTXHQD&223(59,'$DJHQWHQmRSDUDHPXPDFRLVDVy2XD
JHQWH Wi QD UXD RX QR EDUUDFmR H SRGHPRV ID]HU XPD SDUDGLQKD SDUD GHVFDQVDU (QWmR D
URWLQDQmRILFDWmRSHVDGDWmRFRUULGD
(X VLQWR WDPEpP TXH WUDEDOKDU QD FRRSHUDWLYD PXGRX PLQKD VLWXDomR HFRQ{PLFD
4XDQGRHXHUDGRPpVWLFDHX JDQKDYDXPVDOiULRPtQLPRDSHQDVHQDFRRSHUDWLYDD JHQWH
JDQKDXPSRXFRPDLVGDQGRSRVVLELOLGDGHGHID]HUPRVPDLVFRLVDVGRTXHDQWHV
3HGURYRFrTXHUIDODUXPSRXFRVREUHRWUDEDOKRGHFDWDGRU"
1mRSRGHIDODU
%RP HQWmR FRQWLQXDQGR HX DFKR R WUDEDOKR GH FDWDGRU PXLWR OHJDO SRLV DOpP GH
DMXGDU R PHLR DPELHQWH FRQWULEXLQGR SDUD D OLPSH]D GD FLGDGH HOH WDPEpP p XPD
SRVVLELOLGDGHGHJHUDomRGHHPSUHJRHUHQGDSDUDQyVFDWDGRUHV

$K0LULDPHXYRXIDODUWDPEpPHQWmR(XWDPEpPDFKRRWUDEDOKRGRFDWDGRUPXLWR
OHJDO DLQGD PDLV TXH DJRUD YLURX SURILVVmR $ JHQWH Wi VHQGR PDLV UHVSHLWDGR SRU FDXVD
GLVVR
(HXDFKRTXHHXVRX~WLO
2TXHILOKR"
(XVRX~WLOSUiIDODU
ULVDGDV $KYRFrpR~OWLPRDIDODU ULVDGDV 9RFrTXHUIDODUDOJXPDFRLVD"
$JRUDQmR
ULVDGDV
&RQWLQXDQGR R TXH HX HVWDYD IDODQGR R WUDEDOKR QD FRRSHUDWLYD IH] FRP TXH D
0LULDPPXGDVVHEDVWDQWH$WXDOPHQWHHODIDODEHPPDLV ULVDGDV (ODFRQYHUVDPDLVFRPD
JHQWHDJRUDILFDPDLVFRPDIDPtOLD$QWHVHODHUDPHLRGLVWDQWH
ÊPHVPRSDLTXDQGRHODQmRWHPTXHLUSDUDRVHUYLoRHODVHPSUHILFDFRPDJHQWH
(VDELDTXHPLQKDPmHJRVWDEDVWDQWHGHVHPDTXLDU"
$KTXHPHQLQRKHLQ" ULVDGDV
)LOKRLVVRDFRQWHFHSRUTXHVXDPmHDJRUDpPDLVH[SHULHQWH3RULVVRHODPXGRXH
LVVRIRLERPSDUDQyV
eYHUGDGHSDL
e ERP VDEHU GLVVR SRLV DV RXWUDV SHVVRDV DFKDP TXH SHOD PLQKD LGDGH HX GHYHULD
DUUXPDU XP WUDEDOKR PHOKRU (OHV DFKDP TXH HX QmR GHYHULD ILFDU QD FRRSHUDWLYD TXH HX
GHYHULDDUUDQMDUXPVHUYLoRUHJLVWUDGR(OHVWDPEpPQmRJRVWDPTXHHXVHMDFDWDGRUD(QWmR
FRPRDSRLRGHPLQKDIDPtOLDHXILFRPDLVWUDQTXLOD
0HVPRPHXVSDLVTXHVmRFDWDGRUHV PLQKDPmHDLQGDpGD&223(59,'$ DFKDP
TXHHXGHYHULDSURFXUDUXPVHUYLoRPDLVIiFLOSRLVHOHVOXWDUDPPXLWRSDUDFRQVWUXLUWXGRR
TXHSRVVXHPVHQGRFDWDGRUHV0DVDVFRLVDVPXGDUDPGHVGHOi
$ HQWUDGD QD FRRSHUDWLYD PH[HX HP DOJXPDV FRLVDV DTXL HP FDVD PDV QyV QmR
IDODPRVVREUHHFRQRPLDVROLGiULDHPFDVD
,VVR p YHUGDGH 0LULDP PDV QyV VDEHPRV R TXH p (OD DFRQWHFH TXDQGR XP
HPSUHHQGLPHQWRDMXGDRRXWURDRLQYpVGH³SDVVDUSRUFLPD´SUHMXGLFDQGRXPDRRXWUR
SHUPLWLQGRTXHWRGRVWHQKDPHVSDoRQRPHUFDGR
(X FRQFRUGR SDL 1R GLD TXH D JHQWH IRL QR PHUFDGR HOH WDYD PXLWR FKHLR H Dt XP
PRoRGHXDIUHQWHGDILODSDUDDJHQWH

ULVDGDV (XOHPEURILOKRLVVRIRLXPDWRVROLGiULR7HPVHPSUHDOJXpPDMXGDQGRD
FRRSHUDWLYDWDPEpPFRPDHFRQRPLDVROLGiULD1D&223(59,'$DJHQWHVHQWHEDVWDQWHR
DSRLRGHOHVTXHDMXGDPDXQLURJUXSRFRQVFLHQWL]DQGRVREUHRTXHpHFRQRPLDVROLGiULD(
HOHV DMXGDP YiULRV RXWURV HPSUHHQGLPHQWRV GH HFRQRPLD VROLGiULD WDPEpP QmR Vy GH
FDWDGRUHV
$TXLHPFDVDDOtGHUpD0LULDPSRLVpHODTXHRUJDQL]DWRGRRGLQKHLURGDFDVDSDUD
SDJDUFRQWDVHID]HUFRPSUDV
$KHXMiDFKRTXHpYRFr3HGUR(XSRVVRID]HUHVVDSDUWHPDVYRFrVHPSUHFXLGDGD
PDQXWHQomRHFRQVHUWRVGRHVSDoRGDFDVD3DUDFKDPDUDDWHQomRGDVFULDQoDVpHOHWDPEpP
TXHPID](QWmRDFKRTXHVRPRVQyVGRLVRVOtGHUHVSRLVFDGDXPID]XPDFRLVDGLIHUHQWH
PDVWRGDVVmRLPSRUWDQWHVSDUDDFDVDHSDUDDIDPtOLD
(XWDPEpPDMXGRHPFDVDQmRpPmH"
&ODURILOKRYRFrWDPEpPDMXGD ULVDGDV 7RGRVQyVQRVDMXGDPRV
$TXLHPFDVDDURWLQDpEHPFRUULGD$JHQWHWHPTXHOHYDUDVFULDQoDVSDUDDHVFROD
FHGLQKRHTXDQGRR3DXORYROWDGDHVFRODHOHILFDFRPPHXSDLDWpRKRUiULRGHOHLUSDUDR
JUXSR GRV 6DOHVLDQRV 4XDQGR D JHQWH VDL GD FRRSHUDWLYD HP WRUQR GDV K YDPRV EXVFDU
QRVVRILOKRQDRXWUDHVFROLQKD
( D GLUHWRUD VHPSUH UHFODPD QmR p 0LULDP" 3RUTXH QyV WHUtDPRV TXH EXVFDU HOH jV
KPDVVDtPRVjVKGRWUDEDOKRHFKHJDPRVOijVK1mRWHPTXHPEXVTXHHOH
DQWHV $FKR TXH IDOWDP VHUYLoRV PHOKRUHV SDUD TXH RV SDLV TXH SRVVXHP ILOKRV SHTXHQRV
SRVVDPWUDEDOKDUIRUD
eFRPSOLFDGR3HGURSLRUTXHHXHD0DULDVHPSUHWHPUHXQLmRGHSRLVGRH[SHGLHQWH
GHWUDEDOKRHjVYH]HVFKHJRHPFDVDVyjVKDtR3HGURTXHEXVFDR5DIDHOePXLWR
FRUULGR
'HQWURGHFDVDQyVUHYH]DPRVRVHUYLoR&DGDGLDXPOLPSDDFDVD(XDFKRTXHQD
FRRSHUDWLYDHOHVHFDQVDPDLVGRTXHHXSRUWUDEDOKDUDWXDOPHQWHQDSUHQVDHQDFDUJDHHXQR
FRQVHOKRDGPLQLVWUDWLYRFRPRWHVRXUHLUDPDVVHPSUHEXVFDPRVGLYLGLURVHUYLoRSRULJXDO
SRUTXHDVVLPDPERVWHPRVWHPSRGHILFDUFRPDVFULDQoDV
0LULDPFRQVHJXLPRVSHUFHEHUTXHDHFRQRPLDVROLGiULDLQIOXHQFLDQDQRVVDYLGDQmR
p"3RUH[HPSORTXDQGRXPGHQyVHVWiFDQVDGRRRXWURID]RVHUYLoRHYLFHYHUVD$FKR
TXHLVVRpVROLGDULHGDGHFRLVDTXHDSUHQGHPRVFRPDHFRQRPLDVROLGiULD$QWHVGHWUDEDOKDU
QDFRRSHUDWLYDDJHQWHQmRVDELDRTXHHUDLVVR

e3HGURDJHQWHWHYHXPDPHOKRUDQRFRQYtYLRVLP$JHQWHMiFRQKHFLDDVSHVVRDV
GD FRRSHUDWLYD PDV DQWHV GR WUDEDOKR pUDPRV PXLWR GLVWDQWHV +RMH HP GLD Mi WHPRV XPD
DPL]DGH FRP HVVDV SHVVRDV 9RFr PHVPR KRMH YDL MRJDU EROD EDUDOKR VH UH~QH FRP RV
RXWURVFRRSHUDGRV
(X DSUHQGL PXLWR QD FRRSHUDWLYD GHVGH VHU PDLV VROLGiULD SRU FDXVD GD SUySULD
HFRQRPLD VROLGiULD DWp D PH[HU HP FRPSXWDGRU FRLVDV TXH HX GHVFRQKHFLD 3HOD
&223(59,'$ QyV IL]HPRV FXUVRV H DSUHQGHPRV PXLWDV FRLVDV SDUD DMXGDU R
HPSUHHQGLPHQWR$SUHQGHPRVFRPRHPSUHHQGLPHQWRWDPEpPQRVWUDEDOKRVUHDOL]DGRV
(X WDPEpP DSUHQGL 0LULDP $LQGD PDLV TXH HVWRX D WDQWR WHPSR WUDEDOKDQGR GH
FDWDGRU FRPR SHUGL PHXV SDLV FHGR FRPHFHL D WUDEDOKDU FRP DQRV &KHJXHL D ILFDU
DQRVQD(&2$7,9$HPDLVQD&223(59,'$(XFKHJXHLWDPEpPDFDWDUQRDWHUURPDV
DV~OWLPDVYDQWDJHQVTXHWLQKDOiHUDDSRGHUWUDEDOKDUQRKRUiULRTXHHXTXHULDGRMHLWRTXH
HXTXHULDUHFROKHUVRPHQWHPDWHULDLVGHPDLRUYDORUSDUDJHUDUPDLVUHQGD3DUDSHJDUHVVHV
ERQV PDWHULDLV HX WLQKD TXH SDVVDU D QRLWH H D PDGUXJDGD WUDEDOKDQGR VHQmR GH PDQKm Mi
QmR WLQKD PDLV QDGD $V FRQGLo}HV GH WUDEDOKR QmR HUDP ERDV 2 FKHLUR HUD IRUWH KDYLD
PXLWRV HVFRUSL}HV FDFRV GH YLGUR DJXOKDV QD &223(59,'$ D JHQWH WHP (3,V SDUD
WUDEDOKDU
$FKRTXHpLVVRQmRp3HGUR"1mRp3DXOR"
ePmH
&RPFHUWH]D0LULDP
(QWmRHVWDpDQRVVDKLVWyULDHPUHODomRjHFRQRPLDVROLGiULDQDVQRVVDVYLGDVHDV
QRVVDV SHUFHSo}HV VREUH HOD (OD FRQWULEXLX SRVLWLYDPHQWH HP QRVVDV YLGDV HP QRVVRV
UHODFLRQDPHQWRV H QRV DMXGRX D RUJDQL]DU XPD URWLQD TXH IDYRUHFHVVH D WRGRV &RP HOD HX
ILTXHLPDLVSUy[LPDGRVPHXVIDPLOLDUHVRTXHUHVXOWRXHPXPPDLRUEHPHVWDUJHUDO
1yV DLQGD QmR FRQYHUVDPRV VREUH HFRQRPLD VROLGiULD HP FDVD QHP FRP QRVVRV
ILOKRVPDVEXVFDPRVWHUDWLWXGHVVROLGiULDVQRQRVVRGLDDGLDePXLWRERPFRQWDUFRPRV
DSRLDGRUHV SDUD JDUDQWLU D HVWDELOLGDGH GD FRRSHUDWLYD Mi TXH VHP HOD PXLWDV SHVVRDV
SHUGHULDPVHXVWUDEDOKRVHVXDUHQGDHDLQGDDSRVVLELOLGDGHGHVHUHPSHVVRDVPHOKRUHV

2*UXSR)DPLOLDUpIRUPDGRSRUXPFDVDOTXHQmRWHPRHQVLQRPpGLRFRPSOHWR2
PDULGRGDFDWDGRUDGHUHIHUrQFLDFRPSOHWRXRVHJXQGRFROHJLDOHQTXDQWRDFDWDGRUDHVWXGRX
VRPHQWHDWpDVpULH(OHVWLQKDPGRLVILOKRVXPGHDQRVTXHSDUWLFLSRXGDHQWUHYLVWDH
XPGHDQRV

$ FDWDGRUD HUD GRPpVWLFD DQWHV GH HQWUDU QD FRRSHUDWLYD HQTXDQWR VHX PDULGR Mi
WUDEDOKDYDOiVHQGRFDWDGRUMiKiDQRV
$PERVFRQFRUGDUDPHIULVDUDPPXLWRTXHDHFRQRPLDVROLGiULDPXGRXDYLGDGHOHV
GHVGHRMHLWRGHVHUHODFLRQDUGHVHRUJDQL]DUHDWpILQDQFHLUDPHQWH
(OHV FRQVHJXLUDP H[SOLFDU TXH D HFRQRPLD VROLGiULD p GLIHUHQWH GD HFRQRPLD
FDSLWDOLVWDHDLQGDTXHHODSURSLFLDYDFRQGLo}HVGHDMXGDP~WXDHQWUHRVHPSUHHQGLPHQWRVDR
LQYpV GD FRPSHWLomR SUHJDGD SHOR FDSLWDOLVPR (OHV HQWHQGLDP WDPEpP TXH D HFRQRPLD
VROLGiULDDWUDYpVGDVFRRSHUDWLYDVSRVVLELOLWDYDDLQFOXVmRHFRQ{PLFDHDJHUDomRGHUHQGD
(OHV FLWDUDP TXH D VROLGDULHGDGH DSUHQGLGD FRP D HFRQRPLD VROLGiULD SHUSDVVDYD D
YLGDGHOHVHPHGLDYDDVUHODo}HVGHQWURGHFDVD2VVHUYLoRVGRPpVWLFRVJHUDLVHUDPGLYLGLGRV
LJXDOPHQWHHQWUHRVGRLVVHQGRTXHFDGDXPDLQGDUHDOL]DYDDOJXQVHVSHFtILFRVSDUDRVTXDLV
SRVVXtVVHP PDLV IDFLOLGDGH 3RU H[HPSOR D FDWDGRUD FXLGDYD GDV FRQWDV H R FDWDGRU GRV
VHUYLoRVGHPDQXWHQomRGDFDVD(OHVFRPSDUDUDPLVVRDRWUDEDOKRUHDOL]DGRQDFRRSHUDWLYD
(OHVQmRFRQYHUVDYDPVREUHHFRQRPLDVROLGiULDHPFDVDPDVTXDQGRRSDLH[SOLFRX
TXH HOD SRVVLELOLWDYD TXH WRGRV WLYHVVHP DFHVVR LJXDO DR PHUFDGR R ILOKR UHODFLRQRX D XPD
VLWXDomRTXHRFRUUHXQR³PHUFDGRÍD]HQGRFRQIXVmRFRPDVSDODYUDV(OHGLVVHTXHXPGLD
HOHVIRUDPDRPHUFDGRTXHOiHVWDYDPXLWRFKHLRHTXHDOJXpPFHGHXDIUHQWHGDILODSDUD
HOHV$FDWDGRUDUHIRUoRXTXHHVWDIRLXPDDWLWXGHVROLGiULDHGLVVHTXHDFRRSHUDWLYDWDPEpP
SRVVXtDSHVVRDVTXHDDX[LOLDYDPUHIHULQGRVHDRVDSRLDGRUHVTXHVHJXQGRHODFRQWULEXtDP
SDUDTXHRJUXSRILFDVVHXQLGRHVHRUJDQL]DVVH
3DUDRPDULGRGDFDWDGRUDHODILFRXPDLVSUy[LPDHPDLVDEHUWDjIDPtOLDGHSRLVTXH
DGHULXjFRRSHUDWLYDRTXHHQWHQGLDPFRPRSRVLWLYRSDUDDVUHODo}HVIDPLOLDUHV
$FDWDGRUDLQGLFRXWDPEpPDFULDomRGHYtQFXORVGHDPL]DGHQRHVSDoRGHWUDEDOKRR
TXHOHYRXjDSUR[LPDomRGHFDWDGRUHVIRUDGRWUDEDOKRSDUDDWLYLGDGHVGHOD]HU
3DUD0LULDPDURWLQDGHWUDEDOKRQDFRRSHUDWLYDWDPEpPHUDPHOKRUGR TXHTXDQGR
HODHUDHPSUHJDGDGRPpVWLFD(ODFRQWRXTXHQRWUDEDOKRQDFRRSHUDWLYDH[LVWLDPLQWHUYDORV
GHGHVFDQVRRTXHGHL[DYDRWUDEDOKRPHQRVFDQVDWLYRHFRUULGRDOpPGDSRVVLELOLGDGHTXH
WLQKDGHFRQWDWRFRPGLYHUVRVDPELHQWHVGLIHUHQWHVGHDFRUGRFRPRWUDEDOKRTXHHVWLYHVVH
VHQGRH[HFXWDGR
6REUH R WUDEDOKR GH FDWDGRU HP VL HOHV R FRQVLGHUDUDP LPSRUWDQWH SRU PDQWHU R
DPELHQWHOLPSRFRQWULEXLQGRFRPDOLPSH]DGDFLGDGHHSHODSRVVLELOLGDGHGHFULDUHPSUHJRV
HJHUDUUHQGDSDUDDVSHVVRDV0LULDPDLQGDFRPHQWRXTXHHODWHYHDRSRUWXQLGDGHGHID]HU
FXUVRVHDSUHQGHUFRLVDVQRYDVLPSRUWDQWHVSDUDGHVHQYROYHUDVXDIXQomR

3HGUR DLQGD FRQWRX VXD H[SHULrQFLD GH TXDQGR HUD FDWDGRU QR DWHUUR (OH GLVVH TXH
WLQKDP RV SRQWRV SRVLWLYRV FRPR IOH[LELOLGDGH QR WUDEDOKR H XPD UHQGD PDLRU SHOD FROHWD
DSHQDV GH PDWHULDLV GH JUDQGH YDORU 3RUpP HP FRQWUDSRVLomR FLWRX TXH KDYLD PXLWR PDX
FKHLUR HVFRUSL}HV H PDWHULDLV FRUWDQWHV H SHUIXUDQWHV TXH FRORFDYDP VXD VD~GH HP ULVFR H
TXHQHVVHSRQWRDFRRSHUDWLYDSURSRUFLRQRXXPDJUDQGHPHOKRUDSHODH[LVWrQFLDGRV(3,V
8PD FUtWLFD IHLWD SRU HOHV IRL VREUH D QHFHVVLGDGH GH XPD FUHFKH TXH FXLGDVVH GRV
ILOKRVDWpHOHVVDtUHPGRWUDEDOKR2ILOKRPHQRU5DIDHOGHDQRVILFDYDHPXPDFUHFKHTXH
IHFKDYD jV K H D GLUHWRUD VHPSUH UHFODPDYD FRP RV SDLV SRU HOHV WHUHP FKHJDGR jV
KVHPVHLQWHUHVVDUHPVDEHUTXHHOHVQmRWLQKDPRXWURMHLWRRXKRUiULRGHEXVFDURILOKR
,VVR HUD XP SRQWR QHJDWLYR TXH GLILFXOWDYD R WUDEDOKR D IDOWD GH DVVLVWrQFLD DGHTXDGD jV
QHFHVVLGDGHV GDV IDPtOLDV GRV WUDEDOKDGRUHV 3RUpP HOHV HVWDYDP FRQVHJXLQGR FRQWRUQDU D
VLWXDomR
)LQDOL]DQGR HOHV FRQWDUDP TXH DQWHV GD FRRSHUDWLYD HOHV QmR VDELDP R TXH HUD VHU
VROLGiULRHTXHDSyVPXGDUHPVXDVDWLWXGHVPXLWDFRLVDPHOKRURXQDYLGDGHOHVWDPEpP

7&' 5(#8
4=?9=?4
0HXQRPHp0DUWDWHQKRDQRVHVRXFDWDGRUDGHPDWHULDLVUHFLFOiYHLV7UDEDOKR
QD&223(59,'$DFRRSHUDWLYDGHFDWDGRUHVGH6mR&DUORV
(X H PLQKD IDPtOLD HVWDPRV DTXL SDUD FRQWDU XPD KLVWyULD TXH PRVWUD FRPR QRVVD
IDPtOLD HUD DQWHV GH HX HQWUDU QD FRRSHUDWLYD H DJRUD 1yV TXHUHPRV PRVWUDU DOJXPDV
PXGDQoDVTXHHVWHWUDEDOKRSURSRUFLRQRXSDUDQRVVDVYLGDV
3ULPHLURHXYRXDSUHVHQWDUPLQKDIDPtOLDSDUDYRFrVSDUDTXHVDLEDPXPSRXFRGH
QyV
0LQKDILOKDVHFKDPD+HOHQDHWHPDQRV$VVLPFRPRHXHODpVROWHLUDHHVWXGRX
VyDWpDVpULH(ODUHFROKHIUDQJRVHPXPDJUDQMD(ODFKHJDWmRFDQVDGDGRWUDEDOKRTXH
HODVyTXHUGRUPLUTXDQGRSRGHGHVFDQVDU1RPi[LPRHODDVVLVWHj791yVGXDVYDPRVj
LJUHMD
(XWHQKRXPILOKRWDPEpPR5REHUWRPDVHOHQmRYDLSDUWLFLSDUGHQRVVDFRQYHUVD
$0DULDQDpPLQKDQHWDPDLVYHOKD7HPDQRVHMipDPDVLDGDPDVDWp³RQWHP´
PRURX DTXL FRP D JHQWH ± H SUDWLFDPHQWH DLQGD PRUD ULVDGDV (OD SDURX GH HVWXGDU QD
VpWLPDVpULHVHDIDVWRXSRUTXHHQJUDYLGRX+RMHHODHVWiFRPSOHWDQGRPHVHVGHJUDYLGH]
(QWmRHODQmRHVWiID]HQGRQDGDDQmRVHUVHFXLGDU$JHQWHVHSUHRFXSDFRPHODWmRQRYDH

MiWHQGRHVVDUHVSRQVDELOLGDGHPDVVHHVWiYLQGRPDLVXPDYLGDLUHPRVFXLGDUFRPDPRU
(ODJRVWDPXLWRGHYHU79TXDQGRWHPPRPHQWRVGHOD]HU
-i PLQKD RXWUD QHWD D 5HEHFD WHP DQRV H FODUR p VROWHLUD ULVDGDV (OD HVWi
FXUVDQGRDVpULHHVyHVWXGD(DGLYLQKHPRTXHHODJRVWDGHID]HUQDVKRUDVYDJDV"9HU
79WDPEpP
7HQKR PDLV XPD QHWD GH DQRV D -XOLD PDV HOD YDL ILFDU EULQFDQGR HQTXDQWR
FRQYHUVDPRV
2TXHHXWHQKRHPFRPXPFRPHODVHPPRPHQWRVGHOD]HUpJRVWDUGHDVVLVWLU79
PDVSDUDDVVLVWLURMRUQDOVDEHURTXHHVWiDFRQWHFHQGR'HTXDOTXHUIRUPDRTXHHXPDLV
JRVWRPHVPRpGHID]HURVHUYLoRGHFDVD
$UHQGDWRWDOGDQRVVDIDPtOLDp FRPSRVWDGDPLQKDUHWLUDGDQD FRRSHUDWLYDGHXP
EHQHItFLRGRVDOiULRGDPLQKDILOKDHGDUHQGDLQVWiYHOGHPHXILOKR1RWRWDOQRVVDUHQGD
YDULDGH5D5
'HSHQGHVHPHXILOKRHVWiWUDEDOKDQGRRXQmRHOHWUDEDOKDLQIRUPDOPHQWHPDVVH
'HXV TXLVHU YDL FRQVHJXLU XP UHJLVWUR QD FDUWHLUD $ PDLRU SDUWH GD UHQGD YHP GD PLQKD
ILOKDPDV HVVHYDORUYDLGLPLQXLUWDPEpPSRUTXHHVWiDFDEDQGRRPHXVHJXUR DtHODYDL
FDLUXQV5
6REUHDUHQGDHXDFKRTXHHODSRGHULDVHUPHOKRUPDVDFRRSHUDWLYDFRUWRXQRVVDV
ERQLILFDo}HVTXHDXPHQWDYDPQRVVDUHWLUDGDHP5RX5UHDLVDVPHQLQDV
GDGLUHWRULDHVWmRYHQGRFRPRYDLILFDULVVR(VWRXWRUFHQGRPXLWRSDUDTXHHVVDERQLILFDomR
YROWH
(XHVWRXQDFRRSHUDWLYDKiDQRVHFRQKHFLSRUDPLJRVFDWDGRUHVGDTXLGH,EDWpTXH
WUDEDOKDPOi(XMiHUDFDWDGRUDQDFRRSHUDWLYDGDTXLPDVHODQmRWHPQHQKXPDUHODomRFRP
D SUHIHLWXUD 2 WUDEDOKR QHVVD FRRSHUDWLYD HUD PXLWR UXLP D UHWLUDGD HUD EDL[D QHP ,166
WLQKD/iQD&223(59,'$pGLIHUHQWHpEHPPHOKRU
(XFKHJXHLDWUDEDOKDUQDURoDWDPEpPHVDEH TXHHXSUHIHULDWUDEDOKDUOi"eTXH
SRUFDXVDGDPLQKDLGDGHHOHVQmRPH³SHJDP´PDLVPDVVHHXSXGHVVHHXDFKRTXHYROWDULD
DWUDEDOKDUQDURoD(XIDORLVVRSRUTXHHXJRVWRGHWUDEDOKDUFRUULGRVHPSDUDUDWpDFDEDU
SRUTXH VHQmR R VDQJXH HVIULD H HX ILFR FRP SUHJXLoD 1D FRRSHUDWLYD D JHQWH ID] DOJXPDV
SDUDGDVSDUDDOPRoRODQFKHKRUiULRVGHGHVFDQVRPDVQDKRUDTXHWHPTXHYROWDUSUR
WUDEDOKRpGLItFLO(OiQDURoDHUDFRUULGRQHPFDIpGDPDQKmWLQKD&RPHoiYDPRVjVKH
tDPRVDWpRILPGRGLD3RULVVRTXHQDFRRSHUDWLYDHXJRVWRGHWUDEDOKDUQDUXDQDUXDHX

FRQVLJRID]HURWUDEDOKRPDLVFRUULGR¬VYH]HVDOPRoRVyQRILQDOGRGLDO1DURoDWDPEpP
WLQKDFRQYrQLRPpGLFRVHJXURDtDJHQWHWLQKDPHQRVPHGRSRUTXHVHSHUGHVVHRWUDEDOKR
UHFHELD DOJXPD FRLVD 1D FRRSHUDWLYD HX SUHILUR ILFDU QD UXD SRUTXH WDPEpP SRUTXH VH HX
SDURQDEDQFDGDPHGiPXLWDGRUQDVFRVWDV'iGRUQRFRUSRWRGRSRUTXHRVDQJXHHVIULD
0DVpLVVRIXLGLYDJDQGRHIDOHLPXLWR
(P 6mR &DUORV DQWLJDPHQWH D FRRSHUDWLYD HUD PHOKRU $JRUD Wi GLItFLO SRUTXH R
SDJDPHQWRQmRDFRQWHFHPDLVQRPHVPRGLDVHPFRQWDUDIDOWDGHFDPLQKmRWtQKDPRVH
DJRUDpVyGLVSRQtYHOWiPXLWRGLItFLOWUDEDOKDU0DVDVPHQLQDVWmRFRUUHQGRDWUiVLQGR
HPUHXQLmRFRQYHUVDQGRQDSUHIHLWXUD$JHQWHHVSHUDTXHLVVRVHUHVROYDSRLVQHVVDVpSRFDV
D UHWLUDGD GLPLQXL H D JHQWH QmR VDEH FRPR YDL ILFDU GDTXL SUi IUHQWH SRUTXH Wi IDOWDQGR
PXLWDFRLVD0DVHXFRQWLQXROiILUPHHIRUWHQmRYRXDEDQGRQDUDFRRSHUDWLYD
$KYyPDVDJRUDTXHDVHQKRUDWUDEDOKDQDFRRSHUDWLYDYRFrSHORPHQRVQmREHEH
PDLVHDVFRLVDVPHOKRUDUDPPXLWR$PmHWDPEpPSDURXFRPHVVDPDQLD'HXVPHOLYUH
HXWLQKDYRQWDGHGHFRUUHU1mRGDYDSUiILFDUSHUWRGHYRFrV1mRp5HEHFD"
(UDVLP0DUL
( PHOKRURX QR GLQKHLUR WDPEpP SRUTXH DQWHV D PmH QmR WUDEDOKDYD HUD Vy R
GLQKHLURGDDYy$JRUDTXHHODVQmREHEHPPDLVDVGXDVWUDEDOKDHDVFRLVDVPHOKRUDUDP
e HX QmR WLQKD UHVSRQVDELOLGDGH PDV DJRUD HX YLYR SDUD DV PLQKDV ILOKDV QmR p
PHQLQDV"(XWUDEDOKRQDTXHODJUDQMDSRUFDXVDGHYRFrVSRUTXHRVHUYLoRpVRIULGR
1RVVDPmHQHPPHIDODYRFrQHPWHPPXLWRWHPSRSUiILFDUFRPDJHQWHVDLKH
YROWDKHYROWDFRPDTXHOHFKHLURUXLP
ePHVPR0DULQmRGiSUiDJXHQWDUDTXHOHFKHLURQmR
2OKDPLQKDVQHWDVHVWmRIDODQGRLVVRPDVHXPHVPRHVWDQGRHUUDGDHPEHEHUQXQFD
GHL[HLGHDUFDUFRPPLQKDVUHVSRQVDELOLGDGHV7DQWRTXHDVPHQLQDVSUHIHULDPILFDUFRPLJR
GRTXHFRPDSUySULDPmH
,VVR p PHVPR Yy (X H D 5HEHFD VHPSUH ILFiYDPRV QD VXD FDVD SRUTXH HUD PDLV
JRVWRVR VHP FRQWDU TXH R FRUDomR GHOD p HQRUPH 7XGR R TXH SHGLPRV SUi HOD HOD Gi
PHVPRTXHQmRWHQKD
6DEH SRU TXH LVVR DFRQWHFH" e TXH HX GHGLFR PLQKD YLGD D YRFrV (X WUDEDOKR SDUD
YRFrVWHUHPDVFRLVDVQmRpSDUDPLP(XSHQVRQRIXWXURGHWRGRVYRFrVSRUTXHHXVHLPH
YLUDUPDVYRFrVQmR(QWmRYRXGHL[DURTXHHXSXGHUSDUDYRFrV

1XQFD YRX DEDQGRQDU PLQKD IDPtOLD Mi SDVVDPRV YDLDV VLWXDo}HV GLItFHLV PDV
HVWDPRVDtXQLGDV
eYyRWUDEDOKRGHFDWDGRUpPXLWRGLItFLOHXVHPSUHFRPHQWRFRPD0DUL/HPEUR
XPD YH] TXH D VHQKRUD PH OHYRX QD FRRSHUDWLYD H QRVVD TXH GLItFLO SX[DU SHVR FKHLUR
HVTXLVLWR
$L5HEHFDHXOHPEURTXDQGRDYyOHYRXDJHQWHPHVPRRSLRUpRSRYRTXHPDQGD
OL[RMXQWR3DSHOKLJLrQLFRTXHQRMR1LQJXpPPHUHFHSDVVDUSRULVVR0DVQRWUDOKRGD
PmHpSLRU'HXVPHOLYUHGDTXHOHFKHLUR
e PHQLQDV PDV R GLQKHLUR QmR IHGH QmR p" e VHSDUDQGR DTXHOH PDWHULDO TXH HX
FRORFRFRLVDVGHQWURGHFDVD2LPSRUWDQWHpWHUYRQWDGHGHWUDEDOKDU2PDLRUSUREOHPDGR
OL[ROiQDFRRSHUDWLYDpTXHRVQRYDWRVSHJDPVDFRVHUUDGRVQDUXDDVPHQLQDVjVYH]HVQmR
HQVLQDP GLUHLWR H DWp HOHV DSUHQGHUHP DR LQYpV GH SHJDU Vy RV UHFLFOiYHLV HOHV SHJDP RV
OL[RVWDPEpP
/i QD XQLYHUVLGDGH p GLItFLO WDPEpP FROHWDU R SHVVRDO MRJD PXLWD FRLVD UXLP QDV
FDoDPEDV GH UHFLFODJHP XP GLD HX HQWUHL HP XPD SDUD SHJDU R EDJ H HX QmR TXHUR QHP
FRQWDUQRTXHHXSLVHLHXVDtGHOiFRUUHQGRHGHL[HLSUiWUiV7LQKDWDQWDSRUFDULDpXPD
IDOWDGHUHVSHLWRFRPDJHQWH
1yV HVWDPRV DMXGDQGR R DPELHQWH ID]HQGR QRVVR WUDEDOKR H DV SHVVRDV QmR UHVSHLWDP 2
SHVVRDO TXH DMXGD D JHQWH H D SUHVLGHQWD IL]HUDP XPD UHXQLmR Oi SDUD IDODU GLVVR H DWp
PHOKRURXXPSRXFRPDVRSRYRDLQGDQmRUHVSHLWD
eYRFrFKHJDEHPFDQVDGDQmRpPmH"
$K HOD FKHJD EHP FDQVDGD PDV TXDQGR HOD WUDEDOKDYD DTXL HP ,EDWp HOD FKHJDYD
PXLWR HVWUHVVDGD 1D &223(59,'$ HOD WHP DFHVVR D PDLV FRLVDV JDQKD PDLV FRLVDV H
FRPSDUWLOKDPXLWDFRLVDFRPDJHQWH$QWHVQmRWLQKDLVVR
e 0DULDQD PDV R SHVVRDO DTXL GD UXD DFKD TXH HVWH p R ~OWLPR VHUYLoR SDUD VH
HVFROKHU(OHVDFKDPTXHQDPLQKDLGDGHHXQmRGHYLDWUDEDOKDUQLVVRWHPJHQWHPDLVQRYD
TXHQmRDJXHQWD(OHGL]HPTXHHXVRXPXLWRFRUDMRVDFRPHVVHVHUYLoRSRUTXHpYLVWRFRPR
VXMRDVSHVVRDVVXMDPHVVHPDWHULDOHGHL[DPDJHQWHQHVVDVLWXDomR(QILPDJHQWHYDL
HQIUHQWDQGR
2XWUR GLD IRUDP Oi QD FRRSHUDWLYD R SHVVRDO GD XQLYHUVLGDGH SDUD GDU FXUVR SDUD
QyV IDODYDP GH VROLGDULHGDGH PDV QmR Gi WHPSR GD JHQWH SDUWLFLSDU WHP PXLWR VHUYLoR
SDUDID]HUDtRXWURGLDPHSHUJXQWDUDPVHHXVDELDRTXHHUDHFRQRPLDVROLGiULDHHXDFKR

TXH RXYL IDODU QR WUDEDOKR PDV QmR VHL R TXH p HX WUDEDOKR QD UXD H PXLWDV YH]HV QmR
SDUWLFLSRGDVFRLVDVQREDUUDFmR
$TXLHPFDVDWRGRPXQGRPHFRQVLGHUDDOtGHUSRUTXHHXWHQKRXPKLVWyULFRYLVWRD
LUUHVSRQVDELOLGDGH GH PLQKD ILOKD HP XP GHWHUPLQDGR SHUtRGR GD YLGD GH FXLGDU GH WRGR
PXQGRGHRUJDQL]DUWXGRFDGDXPWHPXPVHUYLoRTXHID]GHQWURGHFDVDPDVHXVRXPDLV
EUDYDHXRUJDQL]RPHOKRUDVFRLVDVPHSUHRFXSRGHPDLVFRPPLQKDIDPtOLD
0LQKD Yy VHPSUH SHQVD R PHOKRU SDUD QyV DWp RV SUREOHPDV IDPLOLDUHV TXHP
UHVROYHpDYyGHWRGRPXQGR(ODFKDPDWRGRPXQGRSUiFRQYHUVDU
eHXWHQWRFRQYHUVDUHFKHJDUQXPDFRQFOXVmRGRTXHpPHOKRUHGRTXHpHUUDGR
0DVHQWmRDJHQWHWDYDIDODQGRVREUHDFDVD&DGDXPWHPXPDIXQomRPDVGHSRLV
TXHD0DULDQDIRLPRUDUFRPRSDLGRILOKRGHODDTXLHPIUHQWHTXDVHVyHXIDoRRVHUYLoR
SRUTXH PLQKD ILOKD WUDEDOKD IRUD R GLD WRGR H PLQKD QHWD 5HEHFD HVWXGD PXLWR (OD DMXGD
WDPEpP H PLQKD ILOKD TXDQGR ILFD HP FDVD ID] D SDUWH GHOD 1RV RXWURV GLDV HX IDoR DV
FRLVDVpDIRUPDTXHHQFRQWUDPRVGHGLYLGLU(ODWUDEDOKDIRUDHXDTXL0HXILOKRTXDQGR
QmRWUDEDOKDHOHFXLGDGDFDVDWDPEpPID]WXGR
$JHQWHHTXLOLEUDDVVLPSRUTXHRWUDEDOKRGDPLQKDILOKDpPDLVSHVDGDWHPGLDTXH
HODQmRFRQVHJXHID]HUDVFRLVDVDtHXIDoRSUiHOD
eDPmHDMXGDPXLWRHHXTXDQGRSRVVRIDoRRPHVPR
6LP ILOKD YRFr DMXGD PXLWR WDPEpP $ JHQWH VH DMXGD (X DFKR TXH p LJXDO QD
FRRSHUDWLYD p FRPR VH HOD IL]HVVH SDUWH GD IDPtOLD 6DEH SRU TXH HX DFKR LVVR" (OHV
FRQVHJXHP PXLWD FRLVD ERD SDUD D JHQWH EXVFDP PXLWD FRLVD ERD SDUD QyV p LJXDO XPD
IDPtOLD &RQVHJXHP DWp FRORFDU D JHQWH QR 6(6& e XPD SUHRFXSDomR FRP RV RXWURV $
JHQWH WUDEDOKD H OHYD D IDPtOLD 0DV HX DLQGD DFKR TXH SUHFLVD GH PDLV UHXQLmR SUi JHQWH
ID]HUPDLVFRLVD(QWmRTXHUGL]HUQRJHUDODJRUDDVFRLVDVHVWmRPHOKRUHV$FKRTXHPXLWRV
DVSHFWRVSRGHULDPPXGDUPDVDJHQWHYDLOHYDQGRFRPRSRGH
%RP HQWmR p LVVR 'HSRLV TXH HQWUHL QD FRRSHUDWLYD HX SDUHL GH EHEHU QRVVR
UHODFLRQDPHQWR H PLQKD UHQGD HVWmR PHOKRUHV H DWpPDLV SRVVLELOLGDGHVSDUD D IDPtOLD QyV
WHPRV 0DV DWXDOPHQWH D VLWXDomR HFRQ{PLFD Oi Wi GLItFLO FRUWDUDP PXLWD FRLVD GD JHQWH H
DFKRTXHSUHFLVDPRVFRQWLQXDUID]HQGRDVVHPEOHLDVSUDVFRLVDVPHOKRUDUHP$VPHQLQDVYmR
DWUiVGHPXLWDFRLVDDXQLYHUVLGDGHDMXGDDJHQWHOiGHQWURPDVDSUHIHLWXUDSUHFLVDYDQRV
DMXGDUPDLVSDUDSRGHUPRVID]HUQRVVRWUDEDOKRQRUPDOPHQWH

(VWD IDPtOLD DSUHVHQWRX PXLWRV FRQIOLWRV HP VHX GHVHQYROYLPHQWR H VHQWLX PHOKRUDV
SyVDLQVHUomRGDFDWDGRUDGHUHIHUrQFLDQDFRRSHUDWLYD
$FDWDGRUDIRLFRQVLGHUDGDDOtGHUGDIDPtOLDSHODVXDFDSDFLGDGHGHRUJDQL]DomRHD
FXOWXUD GHOD UHVROYHU RV SUREOHPDV GD FDVD SRU FRQWD GH XP SHUtRGR GH LUUHVSRQVDELOLGDGHV
TXHDILOKDGHODSDVVRXSRUGLILFXOGDGHVQDYLGD0mHHILOKDEHELDPPXLWRHDSyVDHQWUDGD
QDFRRSHUDWLYDLVVRFHVVRXPHOKRUDQGRRDPELHQWHIDPLOLDU
2XWUD FRLVD TXH PHOKRURX IRL D UHQGD DSHVDU GH DWXDOPHQWH D IDPtOLD DSUHVHQWDU
SUREOHPDVHFRQ{PLFRV
$ FDWDGRUD SUHIHULD R WUDEDOKR GH TXDQGR HVWDYD QD URoD SHOR IDWR GH TXH Oi HOD
WUDEDOKDYD³FRUULGR´FRPLQWHUYDORVySDUDDOPRoDU6HJXQGRHODLVVRpPHOKRUSDUDR³FRUSR
QmRHVIULDU´,VVRSRLVWUDEDOKDQGRHPXPDDWLYLGDGHPDLVSDUDGDQDFRRSHUDWLYDGHFDWDGRUHV
GH ,EDWp HOD GHVHQYROYHX SUREOHPDV QD FROXQD $VVLP TXDQGR HOD ILFDYD SDUDGD D FROXQD
GRtDHDLQGDGHDFRUGRFRPDFDWDGRUDTXDQGRHODHVWDYDHPPRYLPHQWRDFROXQDQmRGRtD
(ODSUHFLVDULDID]HUILVLRWHUDSLDPDVQmRIH]RWUDWDPHQWR3RUpPHODUHODFLRQRXRWUDEDOKDU
³FRUULGR´FRPQmRWHUGRUQDVFRVWDV
(ODLQGLFRXTXHIDOWDYDQDFRRSHUDWLYDXPPDLRUSUHSDURGRVFRRSHUDGRVQRYRVSRLV
RVTXHLDPSDUDDFROHWDVHOHWLYDQDVUXDVFRVWXPDYDPUHFROKHUOL[RSUHMXGLFDQGRRVHUYLoR
QR EDUUDFmR (OD DSRQWRX WDPEpP TXH QDV FDoDPEDV GH UHFLFOiYHLV TXH ILFDYDP QD
XQLYHUVLGDGHHUDPGHSRVLWDGRVPXLWRVPDWHULDLVRUJkQLFRVRTXHGLILFXOWDYDRWUDEDOKRGHOHV
(ODVHVHQWLDRIHQGLGDFRPLVVRYLVWRTXHWLQKDDVHQVDomRGHGHVYDORUL]DomRGRWUDEDOKRGH
FDWDGRUTXHHODYLDFRPRLPSRUWDQWHSDUDDVRFLHGDGH
2XWUR SRQWR SRVLWLYR GD FRRSHUDWLYD TXH IRL DSRQWDGR IRUDP DV DVVHPEOHLDV TXH HOD
DFUHGLWDYDUHVROYHUPXLWRVSUREOHPDV3RUpPHODDFKDYDTXHGHYHULDKDYHUPDLV
(ODQmRFRQVHJXLXH[SOLFDURTXHpHFRQRPLDVROLGiULDPDVGLVVHTXHQDFRRSHUDWLYD
Mi WHYH FXUVRV VREUH LVVR H TXH HOD QmR SRGH SDUWLFLSDU SRUTXH WUDEDOKDYD IRUD GR EDUUDFmR
HQWmRTXHHODQmRFRQVHJXLXDSUHQGHUDOJXPDVFRLVDV
8P SRQWR TXH HOD GHVWDFRX FRPR VHQGR PXLWR SRVLWLYR QD FRRSHUDWLYD IRL D
SUHRFXSDomRFRPDIDPtOLDVLQDOL]DGDQDDVVRFLDomRFRPR6(6&(ODDFKRXLPSRUWDQWHTXH
QmRVyRVFDWDGRUHVVHEHQHILFLDVVHPFRPDVFRQTXLVWDVGRHPSUHHQGLPHQWRDVVRFLDQGRHVVD
SUHRFXSDomRGHLQFOXLUDIDPtOLDFRPDLPSUHVVmRGHTXHDFRRSHUDWLYDWDPEpPHUDFRPRXPD
IDPtOLD
2VHUYLoRHPFDVDHUDGLVWULEXtGRGHDFRUGRFRPDGLVSRQLELOLGDGHGDVSHVVRDVPDV
H[LVWLD XP HTXLOtEULR H XPD VROLGDULHGDGH H[SOtFLWD QHVVDV UHODo}HV SRLV TXDQGR DOJXpP
HVWDYDLQFDSDFLWDGRRRXWURDVVXPLDDDWLYLGDGH

$ FDWDGRUD WDPEpP IRL DSRQWDGD SHOD IDPtOLD FRPR XPD SHVVRD H[WUHPDPHQWH
VROLGiULDTXHVHPSUHDMXGRXDIDPtOLDHTXHDMXGDYDFDGDYH]PDLV
(QILPGHQWUHWRGRVRVSUREOHPDVHTXHVW}HVDSUHVHQWDGRVDIDPtOLDDSUHVHQWRXXPD
HVWUXWXUDomRPDLVSRVLWLYDDSyVDLQVHUomRGDFDWDGRUDQRHPSUHHQGLPHQWR

$DQiOLVHGHFRQWH~GR

$ DQiOLVH GH FRQWH~GR GRV UHODWRV FROKLGRV QDV HQWUHYLVWDV IRL UHDOL]DGR VHJXLQGR RV
SDVVRVGHVFULWRVSRU%DUGLQ VHQGRDVHVWUDWpJLDVUHDOL]DGDVDSUHVHQWDGDVDEDL[RHRV
UHVXOWDGRVRUJDQL]DGRVQR4XDGUR
3UpDQiOLVHSRUPHLRGDVOHLWXUDVH[DXVWLYDVIRUDPVHOHFLRQDGRVDOJXQVWUHFKRVGDV
HQWUHYLVWDV GDV WUrV IDPtOLDV TXH IRUDP RUJDQL]DGRV QR 4XDGUR GH IRUPD D SRVVLELOLWDU D
YLVXDOL]DomRGRVVHQWLGRVGDVIDODV
([SORUDomRGRPDWHULDODSyVVHOHFLRQDUDVIDODVIRLIHLWDDGHVFULomRGHFDGDXPDHD
GHILQLomRGHQ~FOHRVTXHVHUHIHUHPjTXHVWmRFHQWUDOGHFDGDIDOD
7UDWDPHQWR GRV UHVXOWDGRV REWLGRV H LQWHUSUHWDomR QHVVD IDVH IRUDP GHILQLGDV DV
FDWHJRULDVGHDQiOLVHQDVTXDLVVHDJUXSDUDPVHJXQGRDHVWUDWpJLDDTXLDGRWDGDRVGLYHUVRV
Q~FOHRVHQFRQWUDGRVQDVIDODVSUHYLDPHQWHLQWHUSUHWDGDV
$V DQiOLVHV GDV FDWHJRULDV IRUDP UHDOL]DGDV D SDUWLU GR FUX]DPHQWR GH GDGRV
FRQYHUJHQWHVHFRPSDUDo}HVGHGDGRVGLYHUJHQWHV$VIUDVHVFRQWLGDVFRPRH[HPSORVQHVVH
VHQWLGRQHPVHPSUHDSUHVHQWDUmRDVPHVPDVRSLQL}HVPDVDSHQDVFRQVWLWXHPFRQWH~GRSDUD
DQiOLVHGHGHWHUPLQDGRDVSHFWRGDFDWHJRULDPHVPRTXHDVRSLQL}HVGHWRGDVDVIDPtOLDVQmR
FRQYLUMDP
(VWDV IDODV WDPEpP FRPR HVFULWR QDV WDEHODV VmR LOXVWUDWLYDV H QmR IRUDP DV ~QLFDV
IRQWHGHDQiOLVHGDFDWHJRULD7RGDVDVIDODVGHWRGRVRVFDWDGRUHVHGHWRGDVDVIDPtOLDVIRUDP
FRQVLGHUDGDVSDUDDQiOLVH
)RL SRVVtYHO GHILQLU FDWHJRULDV GH DQiOLVH DEDL[R GHVFULWDV H RUJDQL]DGDV
UHVSHFWLYDPHQWHQRV4XDGURVH

.@ . #! #

(VWD FDWHJRULD SHUPLWLX ID]HU XPD FRPSDUDomR FRP R SULPHLUR REMHWLYR HVSHFtILFR
³6LVWHPDWL]DU DV UHODo}HV GH WUDEDOKR REVHUYDGDV QD FRRSHUDWLYD´ SRLV D SDUWLU GD YLVmR
PDQLIHVWDGD SHOR FDWDGRU p SRVVtYHO ID]HU XPD DQiOLVH PDLV DSURIXQGDGD GRV GDGRV

REVHUYDGRVHPFDPSRSRLVSRUPDLVTXHDFRRSHUDWLYDWHQKDDSUHVHQWDGRIUDJLOLGDGHVHPVXD
UHODomRVROLGiULDLVVRGHYpPGHFRQIOLWRVGHGLYHUVDVQDWXUH]DVRTXHQmRTXHUGL]HUTXHRV
SULQFtSLRV HFRQ{PLFRVROLGiULRV H GH RUJDQL]DomR FRRSHUDWLYD QmR RFRUUDP QR DPELHQWH GH
WUDEDOKR 2 VHJXQGR REMHWLYR HVSHFtILFR ³,GHQWLILFDU RV DVSHFWRV WHFQROyJLFRV H GH
DSURSULDomR GR FRQKHFLPHQWR H[LVWHQWHV QR HPSUHHQGLPHQWR´ WDPEpP IRL FRQWHPSODGR QDV
IDODV GRV FDWDGRUHV TXH DSRQWDP D DTXLVLomR GH FRQKHFLPHQWR FRPR LPSRUWDQWH SDUD R
GHVHQYROYLPHQWRGRHPSUHHQGLPHQWR

A@ &B#C &'

-i HVWD FDWHJRULD GH DQiOLVH DX[LOLRX D UHVSRQGHU R WHUFHLUR REMHWLYR HVSHFtILFR
³&DUDFWHUL]DU DV PXGDQoDV QD GLQkPLFD IDPLOLDU GRV FDWDGRUHV DSyV VXD LQVHUomR QR
HPSUHHQGLPHQWRHFRQ{PLFRVROLGiULR´SRUIRUQHFHUDVLQIRUPDo}HVVREUHDFRPSUHHQVmRGH
HFRQRPLDVROLGiULDSHODIDPtOLDHDVVLPDVPXGDQoDVQDGLQkPLFDIDPLOLDU

@ # #' D #

(VWD FDWHJRULD GH DQiOLVH WURX[H LQGLFDWLYRV SDUD UHIRUoDU MXQWR FRP WRGR R PDWHULDO
FROHWDGRRTXHpSURSRVWRQR~OWLPRREMHWLYRHVSHFtILFR³(ODERUDUSDUkPHWURVSDUDHVWLPXODU
DFRQVWUXomRGHSROtWLFDVS~EOLFDVYROWDGDVjSRSXODomRHQYROYLGDQDSHVTXLVD´6DEHVHTXH
QR PXQLFtSLR GH 6mR &DUORV VHQGR R 3URJUDPD GH )RPHQWR j (FRQRPLD 6ROLGiULD XP HL[R
WUDQVYHUVDODGLYHUVDVSROtWLFDVXPDGDVSROtWLFDVFRQWHPSODGDpDGHLQFOXVmRVRFLDOHJHUDomR
GHWUDEDOKRHUHQGDHDVIDODVGRVFDWDGRUHVHIDPLOLDUHVFRQWULEXHPQHVVHVHQWLGR
$SyV D DSUHVHQWDomR GRV TXDGURV HQFRQWUDPVH DV H[SOLFDo}HV GDV FDWHJRULDV GH
DQiOLVHGHDFRUGRFRPRFRQWH~GRGDVHQWUHYLVWDV
4XDGUR&DWHJRULDGH$QiOLVH

&RQWLQXD
&DWHJRULDGH )DODVLOXVWUDWLYDV
1~FOHRGDIDOD 'HVFULomRGDIDOD )DODVLOXVWUDWLYDV*UXSR)DPLOLDU )DODVLOXVWUDWLYDV*UXSR)DPLOLDU
DQiOLVH *UXSR)DPLOLDU
0DULD$JRUDDOpPGHVVDSDUWHGHYRFr 0LULDP(HXDVVLPDQWHVGHHXHQWUDUOiHX
DSUHQGHU PXLWD FRLVD Qp QmRFRQKHFLDQDGDWDPEpPVREUHHFRQRPLD
SULQFLSDOPHQWH D TXHVWmR GD VROLGiULD QDGD GLVVR H DR ORQJR GR WHPSR
5HFRQKHFLPHQWRGD
FRQVFLHQWL]DomR>@eXPWUDEDOKRTXH TXH HX IXL SDVVDQGR Oi HX DSUHQGL PXLWD 0DUWD 2XWUR GLD
FRRSHUDWLYDFRPRXP
HX JRVWR SRU FDXVD GR VHQWLGR TXH HOH FRLVD Oi QD &223(59,'$ 4XH QHP HX IRUDP Oi QD
HVSDoRGHWUDEDOKR
WHPQpSRUTXHQmRpHPTXDOTXHUOXJDU QmR VDELD PH[HU QmR ID]LD QHP LGpLD GH FRRSHUDWLYD R
TXHYDORUL]DD
TXH YRFr YDL FRQVHJXLU WUDEDOKDU GH PH[HU QXP FRPSXWDGRU (X DSUHQGL TXH SHVVRDO GD
DSUHQGL]DJHP
IRUPDFRQMXQWDGHIRUPDLJXDOpGH QHPD0DULDPHHQVLQRXDtDJHQWHDWUDYpV XQLYHUVLGDGH SDUD

IRUPDLJXDOLWiULDQpFRPDVSHVVRDVH GD&223(59,'$DJHQWHWHYHFXUVRHVVDV GDUFXUVRSDUDQyV
QmRpHPTXDOTXHU>@ FRLVDV Dt D JHQWH IRL ID]HQGR DSUHQGL
$FRQRPLD
&RPSUHHQVmR EDVWDQWHFRLVDOiQDFROHWDVHOHWLYD
VROLGiULDHR
VREUHR 0LULDP e D JHQWH Yr DVVLP Oi QD
FRRSHUDWLYLVPR
WUDEDOKR FRRSHUDWLYDDJHQWHWHPRPDLRUDSRLRGHOHV
SDUDRFDWDGRUH
FRRSHUDWLYR >DSRLDGRUHV@ SRUTXH HOHV WrP DMXGDGR
SDUDDIDPtOLD 0DULD$QWHVDJHQWHSHQVDYDTXHWDYD
EDVWDQWHDJHQWHDXQLURJUXSRHOHVYmROi 0DUWD 2 SHVVRDO
VR]LQKRQp"0DVDJRUDQRPRPHQWRGH
5HFRQKHFLPHQWRGD SUi SRGHU FRQYHUVDU FRP D JHQWH SUi SUR TXH DMXGD D JHQWH H
GLILFXOGDGHTXHD&223(59,'$WHP
SDUWLFLSDomRGH SHVVRDO WRGR HQWHQGHU R TXH p HFRQRPLD DSUHVLGHQWDIL]HUDP
SDVVDGRQHVVHV~OWLPRVPHVHVDJHQWH
DSRLDGRUHVQR VROLGiULD H Dt HOHV IDOD TXH p R XPD UHXQLmR Oi SDUD
YLX TXH WHP PXLWDV SHVVRDV TXH VH
FRWLGLDQRQD HPSUHHQGLPHQWR Qp TXH p SUi IRUWDOHFHU R IDODU GLVVR H DWp
LPSRUWDP WDQWR FRP D FRRSHUDWLYD
FRRSHUDWLYD JUXSR p SUi JHQWH VH IRUWDOHFHU H PHOKRURX XP
FRP R QRVVR WUDEDOKR TXDQWR FRP
DMXGDU DVVLP D H[SDQGLU Qp RV SRXFR
pYLURXXPDFRLVDVRFLDOPHVPRQp"
HPSUHHQGLPHQWRV SRUTXH Dt WHP D
FRRSHUDWLYDPDVDtWHPFRLVDGHDUWHVDQDWR
WHPHVVDVFRLVDV

FOXVmR
&DWHJRULDGH )DODV LOXVWUDWLYDV *UXSR )DODVLOXVWUDWLYDV*UXSR
1~FOHRGDIDOD 'HVFULomRGDIDOD )DODVLOXVWUDWLYDV*UXSR)DPLOLDU
DQiOLVH )DPLOLDU )DPLOLDU
0DULD YRFr VDEH R TXH p H QmR FRQVHJXH
WUDQVPLWLU Qp IDODU HX YRX HVWXGDU PDLV
XP SRXFR SUi SRGHU IDODU PDLV >@ VH 0DUWD >@ IDODYDP GH
IRVVHYHUppXPDRXWUDIRUPDGHSRGHU 3HGUR (FRQRPLD VROLGiULD p VROLGDULHGDGH PDV QmR Gi
JHUDU UHQGD SUi VXD IDPtOLD Qp" 6mR TXDQGR YRFr WHP YiULRV WHPSR GD JHQWH SDUWLFLSDU
WUDEDOKRV TXH PXLWD GDV YH]HV VmR HPSUHHQGLPHQWRV DVVLP TXH XP WHP PXLWR VHUYLoR SDUD
'HILQLomRGH GHVSHUFHELGRV PDV TXH JHUDP UHQGD SUD WHQWD DMXGDU R RXWUR FRPR XP ID]HU Dt RXWUR GLD PH
HFRQRPLDVROLGiULD IDPtOLD(QWmRDFKRTXHpPDLVRXPHQRV HPSUHHQGLPHQWR QmR FRVWXPD SHUJXQWDUDP VH HX VDELD R
LVVR>@(QWmRHXDFKRpVmRPHLRVTXHD SDVVDUSRUFLPDGRRXWURSURFXUD TXHHUDHFRQRPLDVROLGiULDH
VRFLHGDGH HQFRQWUD SUi VH LQVHULU QR DMXGDU 7RGR PXQGR JDQKDU HX DFKR TXH RXYL IDODU QR
$FRQRPLD
PHUFDGRGHWUDEDOKR>@0DVHXDFKRTXH HVSDoRQRPHUFDGR WUDEDOKR PDV QmR VHL R TXH
VROLGiULDHR
3HUFHSo}HVVREUHD p TXH p LVVR D D HFRQRPLD VROLGiULD p
FRRSHUDWLYLVPR
HFRQRPLDVROLGiULD HOD WHP WRGD HVVD TXHVWmR WDPEpP VRFLDO
SDUDRFDWDGRU
Qp"
HIDPtOLD
0DULD>@HXDFKRTXHDQWHVDJHQWH QmR
0DUWD (P 6mR &DUORV
SHQVDYD GH IRUPD LJXDO Qp SRUTXH YRFr
DQWLJDPHQWH D FRRSHUDWLYD
SHQVDHPWUDEDOKDUJDQKDURVHXFDGDXP 0LULDP $K p DVVLP TXH
HUD PHOKRU >@ 0DV DV
5HFRQKHFLPHQWRGD QRVHXTXDGUDGRYDPRVFRORFDUDVVLPQp QHP D JHQWH WHP D HFRQRPLD
PHQLQDV WmR FRUUHQGR DWUiV
HFRQRPLDVROLGiULD FDGD XP GR VHX PRGR ( DJRUD QmR D VROLGiULDTXHVHPSUHWiDSRLDQGR
LQGR HP UHXQLmR
QRHVSDoRGH JHQWH DSUHQGHX D WUDEDOKDU MXQWR YHU TXH DJHQWHQDFRRSHUDWLYD
FRQYHUVDQGR QD SUHIHLWXUD
WUDEDOKR VHDJHQWHQmRVHQmRWUDEDOKDUXQLGRXP
>@ 0DV HX FRQWLQXR Oi
FRP R RXWUR FRP WRGRV RV FRRSHUDGRV R
ILUPH H IRUWH QmR YRX
VHUYLoR QmR VDL D JHQWH p GLIHUHQWH GR
DEDQGRQDUDFRRSHUDWLYD
PXQGRFDSLWDOLVWD>@

4XDGUR&D

!
!#
!"
0DULDQD$K HOD FKHJD EHP FDQVDGD
0DULD(XDFKRTXHVLP LQIOXHQFLD
PDV TXDQGR HOD WUDEDOKDYD DTXL HP
GHXPDIRUPDSRVLWLYDSRUTXHYRFr 3HGUR $FDED LQIOXHQFLDQGR VLP
5HFRQKHFLPHQWRGD ,EDWp HOD FKHJDYD PXLWR HVWUHVVDGD
$HFRQRPLD DSUHQGHPXLWDFRLVDYRFrFRQVHJXH SRUTXH WHP YH] TXH HOD FKHJD
LQIOXrQFLDGD 1D &223(59,'$ HOD WHP DFHVVR D
VROLGiULDQR WUD]HU DOJXPDV H[SHULrQFLDV DVVLP TXH HX SHUFHER TXH HOD Wi
HFRQRPLDVROLGiULD PDLV FRLVDV JDQKD PDLV FRLVDV H
DPELHQWH DOJXPDV FRLVDV SUi GHQWUR GH FDVD FDQVDGDDVVLPDtHXSHJRHIDoRR
VREUHDVUHODo}HV FRPSDUWLOKDPXLWDFRLVDFRPDJHQWH
IDPLOLDU Qp (X DFKR TXH QD YHUGDGH WXGR R VHUYLoR SUi HOD HOD R PHVPR ID]
IDPLOLDUHV $QWHV QmR WLQKD LVVR (QWmR TXHU
TXH D JHQWH YLYH DFDED WUD]HQGR D SUiPLP
GL]HU QR JHUDO DJRUD DV FRLVDV HVWmR
JHQWHSUiGHQWURGHFDVD
PHOKRUHV
0XGDQoDVQD 0DULD 1D YHUGDGH DVVLP HX DFKR 3HGUR (OD HOD PXGRX EDVWDQWH
GLQkPLFD TXHWRGRPXQGRTXHSDVVDSRUXPD GHSRLVTXHHODFRPHoRXDWUDEDOKDU
IDPLOLDUDSyVD 0XGDQoDGH FRRSHUDWLYD VDL FRP XP DVVLP HP FRRSHUDWLYD (OD HOD
LQVHUomRQD $K Yy PDV DJRUD TXH D VHQKRUD
$HFRQRPLD SHQVDPHQWRH SHQVDPHQWR GLIHUHQWH GHSRLV JRVWDGHIDODUPDLVDJRUD>@(OD
FRRSHUDWLYD WUDEDOKD QD FRRSHUDWLYD YRFr SHOR
VROLGiULDQR FRPSRUWDPHQWRDSyV PHVPR TXH Yi SUi XPD HPSUHVD FRPR p TXH HX SRVVR GL]HU HOD
PHQRV QmR EHEH PDLV H DV FRLVDV
DPELHQWH FRQKHFHUDHFRQRPLD QRUPDOPHQWH HOHV YmR H VHPSUH FRQYHUVD PDLV FRP D JHQWH DJRUD
PHOKRUDUDP PXLWR $ PmH WDPEpP
IDPLOLDU VROLGiULDHR WHQWDP YROWDU SUi FRRSHUDWLYDV Qp" $QWHV HOD QmR FRQYHUVDYD
SDURXFRPHVVDPDQLD
FRRSHUDWLYLVPR SRUTXH HOHV QmR VH DGDSWDP PDLV D PXLWR DJRUD HOD FRQYHUVD PDLV
XPD HPS DR PRGR GH WUDEDOKDU ILFDPDLVFRPDIDPtOLDDJRUD
HPXPDHPSUHVD>@
$HFRQRPLD
&RQYHUVDVREUH -RmR ,FKL QHP IDOD 4XDQGR HOD 0LULDP1mR ULVDGDV $ IDPtOLD QmR VRXEH GHILQLU
VROLGiULDQR
HFRQRPLDVROLGiULDHP FKHJD GD IHLUD GR IyUXP HOD IDOD 3HGUR$TXLHPFDVDQmR HFRQRPLD VROLGiULD H WDPEpP QmR
DPELHQWH
FDVD WXGR'LUHWR FRQYHUVDVREUHRWHPD
IDPLOLDU

&FOXVmR
&DWHJRULDGH )DODVLOXVWUDWLYDV*UXSR
1~FOHRGDIDOD 'HVFULomRGDIDOD )DODVLOXVWUDWLYDV*UXSR)DPLOLDU )DODVLOXVWUDWLYDV*UXSR)DPLOLDU
DQiOLVH )DPLOLDU
0LULDP $K DTXL GHQWUR GH FDVD p
0DULD>@4XHQHPDFKRTXH
DVVLP XP GLD HX OLPSR D FDVD RXWUR
R PrV SDVVDGR HX ILTXHL R
&RPSUHHQVmRH GLD p HOH XP GLD GH FDGD VDEH D 0DUWD$JHQWHHTXLOLEUDDVVLPSRUTXH
PHVPR LQWHLUR SDUWLFLSDQGR GH
WROHUkQFLDHP JHQWHVHUHYH]DSUiTXHQHPQyVGRLV R WUDEDOKR GD PLQKD ILOKD p PDLV
5HODo}HV HYHQWRV GH IHLUD Qp HQWmR HX
UHODomRjV WUDEDOKDQRPHVPRVHUYLoR6HLTXHHOH SHVDGD WHP GLD TXH HOD QmR FRQVHJXH
FRRSHUDWLYDVH QmR SDUHL HP FDVD TXDVH XP
QHFHVVLGDGHVXPGR FDQVDPDLVSRUTXHRVHUYLoRTXHHOHID] ID]HUDVFRLVDVDtHXIDoRSUiHOD
VROLGiULDVQR PrV LQWHLUR 7RGR GLD TXDVH
RXWURLQGLFDQGR p PDLV SHVDGR GR TXH HX IDoR PDV D +HOHQD e D PmH DMXGD PXLWR H HX
DPELHQWH WHQGR UHXQLmR H WDO HQWmR HX
DWLWXGHV JHQWH SURFXUD VH p QyV GRLV GLYLGLU TXDQGRSRVVRIDoRRPHVPR
IDPLOLDU FKHJDYD HP FDVD Mi WDYD WXGR
FRRSHUDWLYDVH RVHUYLoRSRUSDUWHVLJXDLVSUiDtTXH 0DUWD 6LP ILOKD YRFr DMXGD PXLWR
SURQWR MDQWD WXGR SURQWR
VROLGiULDV QHP Gi WHPSR GH HX ILFDU FRP DV WDPEpP$JHQWHVHDMXGD
HQWmR p D D JHQWH GLYLGH
FULDQoDV QXP GLD QR RXWUR GLD Gi
WXGR
WHPSRGHOHILFDUFRPDVFULDQoDV
&DGDXPWHPXPDIXQomRPDVGHSRLV
0XGDQoDVQD TXHD0DULDQDIRLPRUDUFRPRSDLGR
GLQkPLFD 0DULD D JHQWH QmR WHP XP ILOKR GHOD DTXL HP IUHQWH TXDVH Vy HX
IDPLOLDUDSyVD OtGHU Qp" 3RUTXH D JHQWH IDoR R VHUYLoR SRUTXH PLQKD ILOKD
3URSDJDomRGD
LQVHUomRQD FRVWXPDGLYLGLUWXGRQp">@D WUDEDOKD IRUD R GLD WRGR H PLQKD QHWD
5HODo}HV IRUPDGH
FRRSHUDWLYD JHQWHDFDEDGLYLGLQGRWXGRQp 0LULDP $K QyV GRLV VHPSUH SURFXUD 5HEHFD HVWXGD PXLWR (OD DMXGD
FRRSHUDWLYDVH RUJDQL]DomR
GH IRUPD FRRSHUDGD D JHQWH VHQWDUHFRQYHUVDUSUiJHQWHSURFXUDUD WDPEpPHPLQKDILOKDTXDQGRILFDHP
VROLGiULDVQR FRRSHUDWLYDSDUDR
DFDED GLYLGLQGR WRGDV DV VROXomRQpHWLSRSUiQmRID]HUFRLVDV FDVD ID] D SDUWH GHOD 1RV RXWURV GLDV
DPELHQWH ODULQGLFDQGRD
WDUHIDV WXGR Qp 3RU LVVR TXH VHPWHUIDODGRXPFRPRRXWUR HX IDoR DV FRLVDV p D IRUPD TXH
IDPLOLDU SDUWLOKDGDVWDUHIDV
QD YHUGDGH QmR WHP R OtGHU HQFRQWUDPRV GH GLYLGLU (OD WUDEDOKD
FRWLGLDQDVGHFDVD
PHVPR IRUD HX DTXL 0HX ILOKR TXDQGR QmR
-RmR'LYLGHQp" WUDEDOKDHOHFXLGDGDFDVDWDPEpPID]
WXGR
$JHQWHHTXLOLEUDDVVLP
0DULD(QWmRHX QmRVHLDFKR
3HGUR (X DFKR TXH p XPD
5HODo}HV 5HODomRGDIRUPD TXH XP SRXFR p SRU FRQWD GR
VROLGDULHGDGH TXH D JHQWH DSUHQGHX
FRRSHUDWLYDVH GHRUJDQL]DomRGD WUDEDOKR >@ 7RGR PXQGR 0DUWD (X DFKR TXH p LJXDO QD
FRP D HFRQRPLD VROLGiULD TXH DQWHV
VROLGiULDVQR FDVDFRPDIRUPD PDQGD Qp WRGR PXQGR WHP D FRRSHUDWLYD p FRPR VH HOD IL]HVVH
GHOD WUDEDOKDU FRP D FRRSHUDWLYD HOD
DPELHQWH GHRUJDQL]DomRQR VXD RSLQLmR H DFKR TXH DFDED SDUWHGDIDPtOLD
QmRVDELDRTXHHUDID]HUFRQRTXH
IDPLOLDU WUDEDOKR WUD]HQGR XP SRXFR GLVVR SUi
HUDHQWmR
GHQWURGHFDVDQp>@

&DWHJRULDGH$QiOLVH

&RQWLQXD
!
!" !"
"#
0DULD (QWmR HX DFKR TXH QD PLQKD 0LULDP e D FRRSHUDWLYD D
0DUWD 2 WUDEDOKR QHVVD
RSLQLmR IRL ERP SRUTXH p GLItFLO YRFr (&2$7,9$ HX FRQKHFL SRU FDXVD GR
$FRRSHUDWLYD FRRSHUDWLYDHUDPXLWRUXLP
HQWUDU HQFRQWUDU WUDEDOKR KRMH HP GLD PHXPDULGRQpTXHHOHWUDEDOKDYDOiH
3RVVLELOLGDGH FRPR D UHWLUDGD HUD EDL[D QHP
HQWmRSUiJHQWHTXHWDYDLQLFLDQGRHWDO Vy TXH DQWHV GLVVR Dt HX WUDEDOKDYD GH
GHLQFOXVmR RSRUWXQLGDGHGH ,166 WLQKD /i QD
DV FRLVDV SUi JHQWH IRL EHP PDLV IiFLO HPSUHJDGD GRPpVWLFD $t HX WUDEDOKHL
HFRQ{PLFD LQFOXVmR &223(59,'$pGLIHUHQWH
WHQGRWUDEDOKRDVHJXUDQoDGRWUDEDOKR SRU XP WHPSR H Dt GHSRLV HX VDt WDYD
HFRQ{PLFD pEHPPHOKRU
GHVHPSUHJDGD H GDt HX HQWUHL QD

(&2$7,9$
0DULD>@DHFRQRPLDVROLGiULDHODWHP
WRGD HVVD TXHVWmR WDPEpP VRFLDO Qp"
0LULDPDKpXPWUDEDOKROHJDOQpTXH 0DUWD e TXH SRU FDXVD GD
3RUTXH PXLWDV GDV SHVVRDV TXH
$FRRSHUDWLYD D JHQWH Wi DMXGDQGR R PHLR DPELHQWH PLQKD LGDGH HOHV QmR PH
3RVVLELOLGDGH WUDEDOKDPQLVVRpQmRWHPXPHPSUHJR
$FRRSHUDWLYD FRPRIRUPDGH OLPSDQGR Qp H JHUDQGR HPSUHJR Qp ³SHJDP´ PDLV PDV VH HX
GHLQFOXVmR IRUPDOQpD~QLFDIRQWHGHUHQGDpRVHX
FRPR JHUDUSRVWRVGH UHQGD SUi QyV PHVPR FDWDGRUHV H DMXGD SXGHVVH HX DFKR TXH
HFRQ{PLFD WUDEDOKR DUWHVDQDO RX D VXD FDWDomR GH
SRVVLELOLGDGHGH WUDEDOKR WDPEpPDPDQWHUDFLGDGHOLPSD YROWDULDDWUDEDOKDUQDURoD
OL[RGHUHVtGXRVQp">@VmRPHLRVTXH
LQFOXVmR
D VRFLHGDGH HQFRQWUD SUi VH LQVHULU QR
HFRQ{PLFR
PHUFDGRGHWUDEDOKR
VRFLDO
0DULD HX DFKR TXH DWp FRPR IRUPD GH

YDORUL]DU XP SRXFR PDLV R QRVVR 0LULDP>@DJHQWHVHPSUHFRQKHFLDDV
WUDEDOKR DFKR LPSRUWDQWH D JHQWH SHVVRDV HX WUDEDOKDYDP Oi QD 0DUWD &RQVHJXHP DWp
FRQVHJXLU WHU DFHVVR D HVVHV OXJDUHV >@ &223(59,'$ PDV DVVLP D JHQWH FRORFDUDJHQWHQR6(6&e
YDLVHUOHJDOSULQFLSDOPHQWHRVPHQLQRV QXQFD VH IDODYD VDEH HUD GLVWDQWH XPD SUHRFXSDomR FRP RV
3RVVLELOLGDGH $FRRSHUDWLYD HOHV JRVWD GH MRJDU IXWHERO Qp" 'H VH SDVVDYD HUD XP RL QXP VH RXWURV $ JHQWH WUDEDOKD H
GHLQFOXVmR SURSRUFLRQDQGRD GLYHUWLU EDVWDQWH DFKR TXH YDL VHU ERP FXPSULPHQWDYD H KRMH D JHQWH Mi Yr OHYDDIDPtOLD0DVHXDLQGD
VRFLDO VRFLDOL]DomR SUiHOHVQpHSUDTXHODVSHVVRDVTXHDFKD GLIHUHQWH TXH QHP HOH PHVPR WHP RV DFKR TXH SUHFLVD GH PDLV
TXH QmR p QDGD QR PXQGR HX DFKR TXH PHQLQRV Mi TXH QmR WLQKD DPL]DGH DQWHV UHXQLmRSUiJHQWHID]HUPDLV
YDL p LQFHQWLYDU EDVWDQWH Qp YDL IDODU HKRMHHOHVWrPDPL]DGHMRJDERODMXQWR FRLVD
³QRVVD D JHQWH SRGH WHU FRLVDV ERDV Qp MRJD EDUDOKR VDEH VH UH~QHP p WHP
QmR p Vy FRLVDV UXLQV TXH DFRQWHFH SUi PDLVDPL]DGH
JHQWH´$FKRTXHpLVVR

FOXVmR
&DWHJRULDGH 1~FOHRGD 'HVFULomRGD )DODVLOXVWUDWLYDV*UXSR
)DODVLOXVWUDWLYDV*UXSR)DPLOLDU )DODVLOXVWUDWLYDV*UXSR)DPLOLDU
DQiOLVH IDOD IDOD )DPLOLDU
) * $ 2
# $ !
%
% ! ! # !
! # " ! ! #
! # 3* 1 6 1
! $ $ $ 1 (
$FRRSHUDWLYD
" # # ! / 7 8
FRPR
$% & $ # 4 9
SRVVLELOLGDGHGH
% # "% % #
LQFOXVmR
' ( # !#
HFRQ{PLFR
&(()*+,-. "% / . "% 1 # # !! 1 # 1
VRFLDO
0% 1 2 # $

. # "% &(()*+,-. $ *)-
2# 1 #2. 1 ! 5

3+ $ #
1 ! "%
1 1
4 5

:;<

&DWHJRULDGHDQiOLVH$HFRQRPLDVROLGiULDHRFRRSHUDWLYLVPRSDUDRFDWDGRUHSDUDD
IDPtOLD

1HVVDSULPHLUDFDWHJRULDGHDQiOLVHIRUDPGHILQLGRVGRLVQ~FOHRVGHFRQFHQWUDomRGRV
VHQWLGRVGDVGHVFULo}HVGDVIDODVGRVHQWUHYLVWDGRV

&RPSUHHQVmRVREUHRWUDEDOKRFRRSHUDWLYR
3HUFHSo}HVVREUHDHFRQRPLDVROLGiULD

2SULPHLURQ~FOHRpFRPSRVWRGHGXDVGHVFULo}HV

D 5HFRQKHFLPHQWR GD FRRSHUDWLYD FRPR XP HVSDoR GH WUDEDOKR TXH YDORUL]D D
DSUHQGL]DJHP
E 5HFRQKHFLPHQWRGDSDUWLFLSDomRGHDSRLDGRUHVQRFRWLGLDQRQDFRRSHUDWLYD

1RFRQWH~GRGDSULPHLUDGHVFULomRREVHUYRXVHQDVIDODVGDVFDWDGRUDVGHUHIHUrQFLDD
PHQomR j SRVVLELOLGDGH GH DSUHQGL]DJHP QR HVSDoR GH WUDEDOKR FRRSHUDWLYR R TXH GL]
UHVSHLWR j FDSDFLWDomR SURILVVLRQDO TXH VH UHPHWH j YDORUL]DomR GR WUDEDOKDGRU SDUD R
GHVHQYROYLPHQWR GR HPSUHHQGLPHQWR +RXYH WDPEpP UHIHUrQFLD DR DVSHFWR GD LJXDOGDGH
GHQWURGRHPSUHHQGLPHQWRTXHSHUPLWHTXHWRGRVWHQKDPDVPHVPDVRSRUWXQLGDGHV
-iQDVHJXQGDGHVFULomRKRXYHPHQomRDRVDSRLDGRUHVFRPRSHVVRDVTXHDX[LOLDPD
FRRSHUDWLYDDVHGHVHQYROYHUPHOKRUDQGRDVFRQGLo}HVGHWUDEDOKRHDVUHODo}HVGHQWURGHOD
2V FDWDGRUHV GLVVHUDP DFUHGLWDU TXH R WUDEDOKR FRRSHUDWLYR p LQWUtQVHFR DR FDPSR VRFLDO H
TXH D DWXDomR GH RXWURV DWRUHV MXQWR DR HPSUHHQGLPHQWR OHYD RV FRRSHUDGRV D VH VHQWLUHP
YDORUL]DGRVIRUWDOHFHQGRDFRRSHUDWLYD
(VVH Q~FOHR WURX[H DJUXSDGR FRPR FDUDFWHUtVWLFDV SDUD HVWD FDWHJRULD GH DQiOLVH R
FRQKHFLPHQWR GH TXH RV FDWDGRUHV FRQVHJXLUDP LGHQWLILFDU FRPR p RUJDQL]DGR R WUDEDOKR
FRRSHUDWLYR H TXH SHUPHDGR SHORV SULQFtSLRV HFRQ{PLFRVROLGiULRV HOH RFRUUH HP SDUFHULD
FRPGLYHUVRVDWRUHV
2VHJXQGRQ~FOHRpWDPEpPFRQVWLWXtGRGHGXDVGHVFULo}HV

D 'HILQLomRGHHFRQRPLDVROLGiULDH
E 5HFRQKHFLPHQWRGDHFRQRPLDVROLGiULDQRHVSDoRGHWUDEDOKR

$SULPHLUDGHVFULomRPRVWURXTXHRVFDWDGRUHVWLYHUDPGLILFXOGDGHVHPH[SOLFDURTXH
VLJQLILFD HFRQRPLD VROLGiULD PHVPR HQWHQGHQGR R VHX VHQWLGR R GH SURPRYHU D XQLmR H D
VROLGDULHGDGH DRLQYpVGDFRPSHWLomR HGRLQGLYLGXDOLVPR$~QLFDIDPtOLDTXHLQGLFRXTXH
QmRVDELDRTXHHUDHFRQRPLDVROLGiULDIRLR*UXSR)DPLOLDU3RUpPVDEHVHSHORWUDEDOKR
GHFDPSRUHDOL]DGRTXHDFDWDGRUDWLQKDQRFRWLGLDQRGRHPSUHHQGLPHQWRXPFRPSRUWDPHQWR
UHODFLRQDGRDRVSULQFtSLRVHFRQ{PLFRVROLGiULRVRGHLQFHQWLYDUDXQLmRGRJUXSR(ODUHODWRX
QDHQWUHYLVWDTXHQmRSDUWLFLSRXGHPXLWRVFXUVRVSRUQmRWUDEDOKDUQREDUUDFmRPDVWHPVH
FRQKHFLPHQWRGHTXHHODSDUWLFLSRXDOJXQVPHVHVDQWHVGDHQWUHYLVWDGHDOJXPDVUHXQL}HVFRP
DSRLDGRUHV GR 1X0,(FR6RO QDV TXDLV IRL GLVFXWLGR DOpP GH WHPDV UHODFLRQDGRV j VD~GH
VREUHHFRQRPLDVROLGiULD3HQVDVHSRUWDQWRTXHHODQmRGHYDWHUDVVRFLDGRVXDVSUiWLFDV D
HVVDWHUPLQRORJLD
'H DFRUGR FRP R VHJXQGR FRQWH~GR IRL SRVVtYHO SHUFHEHU TXH RV FDWDGRUHV
UHFRQKHFHUDP HOHPHQWRV GH HFRQRPLD VROLGiULD QR HPSUHHQGLPHQWR PHVPR QmR VDEHQGR
H[SOLFiOD RX DVVRFLDU HVVHV HOHPHQWRV DRV SULQFtSLRV HFRQ{PLFRVROLGiULRV 6REUH R *UXSR
)DPLOLDU D FRRSHUDGD FRQVHJXLX FLWDU H[HPSORV GR FRWLGLDQR TXH QmR HVWDYDP GH DFRUGR
FRP R TXH R HPSUHHQGLPHQWR GHYHULD VHU RX VHMD VLWXDo}HV TXH HUDP FRQWUD RV SULQFtSLRV
HFRQ{PLFRVROLGiULRV (OD DLQGD FRQVHJXLX LQGLFDU FRPR FRUULJLU RV ³HUURV´ TXH HOD
HQ[HUJDYD 'HVVD IRUPD SHUFHEHXVH TXH D HFRQRPLD VROLGiULD SHUPHDYD DV UHODo}HV QR
DPELHQWHGHWUDEDOKRPHVPRTXHLVVRQmRRFRUUHVVHGHIRUPDWRWDO
(VWH Q~FOHR SHUPLWLX SHUFHEHU TXH RV FDWDGRUHV UHFRQKHFLDP SULQFtSLRV GD HFRQRPLD
VROLGiULD QR HPSUHHQGLPHQWR PDV SRVVXtDP GLILFXOGDGH HP GHILQLOD RX DVVRFLDU VHXV
SULQFtSLRVjVSUiWLFDVUHDOL]DGDV

&DWHJRULDGHDQiOLVH0XGDQoDVQDGLQkPLFDIDPLOLDUDSyVDLQVHUomRQDFRRSHUDWLYD

(P UHODomR j VHJXQGD FDWHJRULD GH DQiOLVH GHQRPLQDGD ³PXGDQoDV QD GLQkPLFD
IDPLOLDUDSyVDLQVHUomRQDFRRSHUDWLYDÍRUDPGHILQLGRVGRLVQ~FOHRV

$HFRQRPLDVROLGiULDQRDPELHQWHIDPLOLDU
5HODo}HVFRRSHUDWLYDVHVROLGiULDVQRDPELHQWHIDPLOLDU

2SULPHLURQ~FOHRIRLUHSUHVHQWDGRSRUWUrVGHVFULo}HV

D 5HFRQKHFLPHQWRGDLQIOXrQFLDGDHFRQRPLDVROLGiULDVREUHDVUHODo}HVIDPLOLDUHV

E 0XGDQoDGHSHQVDPHQWRHFRPSRUWDPHQWRDSyVFRQKHFHUDHFRQRPLDVROLGiULDHR
FRRSHUDWLYLVPRH
F &RQYHUVDVREUHHFRQRPLDVROLGiULDHPFDVD

1D SULPHLUD GHVFULomR D IDPtOLD UHFRQKHFHX TXH DSyV D LQVHUomR GD FDWDGRUD GH
UHIHUrQFLD HP XP HPSUHHQGLPHQWR HFRQ{PLFRVROLGiULR HOD PXGRX LQIOXHQFLDQGR QD YLGD
IDPLOLDU )RL LQGLFDGR QDV IDODV R DSDUHFLPHQWR GHDWLWXGHV PDLV VROLGiULDV QR FRWLGLDQR SRU
SDUWHGDVFDWDGRUDVHGRVRXWURVIDPLOLDUHV
$ VHJXQGD GHVFULomR PRVWURX TXH DV IDPtOLDV ILFDUDP PDLV XQLGDV FRP HVVDV
LQIOXrQFLDVSHODVPXGDQoDVGHFRPSRUWDPHQWRSURYRFDGDV$FDWDGRUDGR*UXSR)DPLOLDU
DWp LQGLFRX TXH GLILFLOPHQWH XPD SHVVRD TXH FRQKHFH HVVD IRUPD GH VH UHODFLRQDU PXGD
GHSRLV3DUDR*UXSR)DPLOLDUDFDWDGRUDILFRXPDLVSUy[LPDGDIDPtOLDPDLVSUHVHQWHH
PDLVFRPXQLFDWLYDHSDUDR*UXSR)DPLOLDUXPPDUFRIRLTXHDFDWDGRUDSDURXGHEHEHUR
TXHSURPRYHXXPDPHOKRUDQDVUHODo}HVSRUHODVHUD³OtGHU´GDIDPtOLD
-i D WHUFHLUD GHQRPLQDomR DSUHVHQWD D LQIRUPDomR GH TXH DSHVDU GDV LQIOXrQFLDV
REVHUYDGDV DSHQDV R *UXSR )DPLOLDU FRQYHUVDYD VREUH HFRQRPLD VROLGiULD HP FDVD 2
*UXSR)DPLOLDUQmRFRQYHUVDYDVREUHLVVRHPFDVDHR*UXSR)DPLOLDUQmRVRXEHH[SOLFDU
RTXHpHFRQRPLDVROLGiULD
(VWHQ~FOHRFRQWULEXLXHQWmRSDUDPRVWUDUTXHPHVPRVHPFRQYHUVDUVREUHHFRQRPLD
VROLGiULDDVYLYrQFLDVFRWLGLDQDVSURPRYHUDPPXGDQoDVQRFRPSRUWDPHQWRGRVLQGLYtGXRVR
TXHUHIOHWLXQRUHODFLRQDPHQWRIDPLOLDU
3DUDRVHJXQGRQ~FOHRGHDQiOLVHWDPEpPIRUDPHODERUDGDVGHILQLo}HV

D &RPSUHHQVmR H WROHUkQFLD HP UHODomR jV QHFHVVLGDGHV XP GR RXWUR LQGLFDQGR
DWLWXGHVFRRSHUDWLYDVHVROLGiULDV
E 3URSDJDomR GD IRUPD GH RUJDQL]DomR FRRSHUDWLYD SDUD R ODU LQGLFDQGR D SDUWLOKD
GDVWDUHIDVFRWLGLDQDVGHFDVD
F 5HODomRGDIRUPDGHRUJDQL]DomRGDFDVDFRPDIRUPDGHRUJDQL]DomRQRWUDEDOKR

$SULPHLUDGHILQLomRUHIHUHVHDRIDWRGHTXHDVIDPtOLDVSDVVDUDPDUHVSHLWDUPDLVDV
OLPLWDo}HVGHXPHGHRXWUR3RUH[HPSORTXDQGRHOHVGHILQLDPDV IXQo}HVGH FDGDXPQD
FDVDHXPGRVPHPEURVQmRSRGLDUHDOL]DUDVXDIXQomRSRUFRPSURPLVVRVH[WHUQRVRXWURVH
PRELOL]DYDSDUDFREULUDTXHOHWUDEDOKRHQWHQGHQGRWDQWRRWUDEDOKRLQWHUQRTXDQWRRH[WHUQR
FRPRLPSRUWDQWHV$VVLPHQ[HUJDUDPTXHQLQJXpPGHYLDILFDUVREUHFDUUHJDGR

$ VHJXQGD GHILQLomR PRVWURX TXH DV UHODo}HV GHQWUR GH FDVD VmR KRUL]RQWDLV FRP
WRGRV RV VHUYLoRV SDUWLOKDGRV UHVSHLWDQGR DLQGD DV KDELOLGDGHV H SRVVLELOLGDGHV GH FDGD
PHPEUR 3HUFHEHXVH D RUJDQL]DomR FRRSHUDWLYD UHIOHWLGD QR DPELHQWH IDPLOLDU 7RGDV DV
GHFLV}HV HUDP UHDOL]DGDV HP SDUFHULD DSyV GLVFXVVmR SDUD GHILQLU DV PHOKRUHV DOWHUQDWLYDV
SDUDWRGRV$SHQDVR*UXSR)DPLOLDULQGLFRXTXHDFDWDGRUDGHUHIHUrQFLDSRVVXtDXPPDLRU
SRGHUGHGHOLEHUDUVREUHDVGHFLV}HVSRLVQRGHVHQYROYLPHQWRGDIDPtOLDHODMiIRLDSHVVRD
TXHVXVWHQWDYDILOKRVHQHWRVHSUHFLVRXDRORQJRGRWHPSR³ERWDURUGHPQDFDVD´3RUpPHOD
QmR SRVVXtD FRPSRUWDPHQWRV DXWRULWiULRV HUD XPD OLGHUDQoD TXH LQFHQWLYDYD D DMXGD P~WXD
HQWUHVHXVIDPLOLDUHVDVVLPFRPRID]LDQDFRRSHUDWLYD
-i QD WHUFHLUD GHILQLomR RV FRRSHUDGRV UHODFLRQDUDP HVVD IRUPD GH RUJDQL]DomR
IDPLOLDUFRPRTXHDFRQWHFLDQDFRRSHUDWLYDDVVXPLQGRTXHOHYDYDPPXLWDFRLVDGRWUDEDOKR
SDUDGHQWURGHFDVDFDUDFWHUL]DQGRDVUHODo}HVIDPLOLDUHVFRPRVROLGiULDV
(VWD FDWHJRULD GH DQiOLVH PRVWURX HQWmR TXH DV IDPtOLDV UHFRQKHFLDP D SUHVHQoD GH
HOHPHQWRV GD RUJDQL]DomR GR WUDEDOKR FRRSHUDWLYR QD RUJDQL]DomR GDV WDUHIDV GRPpVWLFDV
UHVSHLWDYDPDVOLPLWDo}HVGHFDGDXPVHPRELOL]DYDPSDUDDX[LOLDUXQVDRVRXWURVQRVHQWLGR
GH TXH QLQJXpP VH VREUHFDUUHJDVVH H EXVFDYDP GHFLGLU WXGR HP FRQMXQWR LQFHQWLYDQGR D
FRRSHUDomRHQWUHRVPHPEURVIDPLOLDUHV

&DWHJRULDGHDQiOLVH&RRSHUDWLYDFRPRSRVVLELOLGDGHGHLQFOXVmRHFRQ{PLFRVRFLDO

(VWD~OWLPDFDWHJRULDGHDQiOLVHIRLGLYLGLGDHPQ~FOHRVGHDQiOLVH

3RVVLELOLGDGHGHLQFOXVmRHFRQ{PLFD
3RVVLELOLGDGHGHLQFOXVmRVRFLDO
0HOKRUHVURWLQDVGHWUDEDOKR

2SULPHLURQ~FOHRpFRPSRVWRSRUGXDVGHVFULo}HV

D $FRRSHUDWLYDFRPRSRVVLELOLGDGHGHLQFOXVmRHFRQ{PLFD
E $FRRSHUDWLYDFRPRIRUPDGHJHUDUSRVWRVGHWUDEDOKR

(VWDV GXDV GHVFULo}HV VmR PXLWR SUy[LPDV PDV IRUDP GLIHUHQFLDGDV SRU DOJXPDV
SHFXOLDULGDGHVQDDQiOLVH

$SULPHLUDGHVFULomRVHUHPHWHDXPUHODWRSHVVRDOGDVFDWDGRUDVHGHVXDVIDPtOLDV
VREUHVXDSUySULDH[SHULrQFLD2*UXSR)DPLOLDULQGLFRXTXHDFRRSHUDWLYDIRLRSULPHLUR
WUDEDOKR GD FDWDGRUD GH UHIHUrQFLD H TXH HVVD LQVHUomR SRVVLELOLWRX XPD PDLRU HVWDELOLGDGH
ILQDQFHLUD H VHJXUDQoD SDUD D IDPtOLD 3DUD R *UXSR )DPLOLDU QR TXDO D FDWDGRUD TXH
DQWHULRUPHQWHHUDHPSUHJDGDGRPpVWLFDHVWDLQVHUomRHVWDELOL]RXDUHQGDGDIDPtOLDDSyVHOD
HQWUDUHPVLWXDomRGHGHVHPSUHJR-iQR*UXSR)DPLOLDUDFDWDGRUDWUDEDOKRXDQWHULRUPHQWH
HP XPD FRRSHUDWLYD GH FDWDGRUHV QR PXQLFtSLR GH ,EDWp63 $ IDPtOLD LQIRUPRX TXH R
WUDEDOKRHUDPXLWRUXLPGHVGHDVFRQGLo}HVDWpDUHWLUDGDPHQVDOHTXHLVWRHVWDYD³WLUDQGRR
VRQR´GDFDWDGRUD4XDQGRVXUJLXDSRVVLELOLGDGHGHLUSDUDD&223(59,'$HODIRLHGLVVH
TXH R WUDEDOKRX PHOKRURX PXLWR H WDPEpP SRVVLELOLWRX QR PRPHQWR TXH D IDPtOLD VH
HVWDELOL]DVVH
1DVHJXQGDGHVFULomRRVHQWUHYLVWDGRVLQGLFDUDPRTXHSDUDHOHVpXPDIXQomRVRFLDO
TXH D FRRSHUDWLYD H[HUFLD JHUDU SRVWRV GH WUDEDOKR SRVVLELOLWDQGR TXH SHVVRDV TXH HVWmR
LQVHULGDVHPWUDEDOKRVLQIRUPDLVVHXQDPHFRQVLJDPPHOKRUHVFRQGLo}HVGHWUDEDOKR1HVVH
VHQWLGR HODV DEUDQJHUDP QmR VRPHQWH DV FRRSHUDWLYDV GH FDWDGRUHV PDV WDPEpP RXWURV
HPSUHHQGLPHQWRV HFRQ{PLFRVROLGiULRV $V IDPtOLDV FLWDUDP QHVVH VHQWLGR WDPEpP TXH D
FRRSHUDWLYD SHUPLWLD TXH SHVVRDV H[FOXtGDV GR PHUFDGR GH WUDEDOKR SRU GLYHUVRV PRWLYRV
SXGHVVHPREWHUUHQGDSRLVTXDOTXHUSHVVRDSRGHULDSDUWLFLSDUGHXP((6
2VHJXQGRQ~FOHRIRLGHILQLGRDSHQDVSRUXPDGHVFULomR

$FRRSHUDWLYDSURSRUFLRQDQGRDVRFLDOL]DomR

(VWDGHVFULomRSRVVXLFRPRIRFRFHQWUDODSRVVLELOLGDGHGRVFDWDGRUHVVHLQVHULUHPHP
HVSDoRV VRFLDLV DWUDYpV GD FRRSHUDWLYD FRP PDLRU SRVVLELOLGDGH GH VRFLDOL]DomR (VWD
VRFLDOL]DomRIRLLQGLFDGDWDPEpPDWUDYpVGDFULDomRGHYtQFXORVGHDPL]DGHGHQWURGDSUySULD
FRRSHUDWLYDTXHVHHVWHQGHUDPDHVSDoRVH[WHUQRV8PDIRUPDGHLQVHUomRIULVDGDSHOR*UXSR
)DPLOLDUIRLDDVVRFLDomRDR6HUYLoR6RFLDOGR&RPpUFLR 6(6& GH6mR&DUORV63DOJR
FLWDGRFRPRQXQFDLPDJLQDGR
2~OWLPRQ~FOHRWDPEpPIRLFRQVWLWXtGRGHXPDGHVFULomRVRPHQWH

$WULEXLomR GH PHOKRUD QDV FRQGLo}HV GH VD~GH j VDtGD GR DWHUUR H HQWUDGD QD
FRRSHUDWLYD

(VWH DVVXQWR VXUJLX j SDUWH GR URWHLUR GH HQWUHYLVWDV D SDUWLU VRPHQWH GRV *UXSRV
)DPLOLDUHVH$SULPHLUDIDPtOLDLQGLFRXTXHRVSDLVGDFDWDGRUDHUDPFDWDGRUHVGRDWHUUR
VDQLWiULR H IRL SRVVtYHO DSRQWDU GLYHUVRV DVSHFWRV QRFLYRV j VD~GH QHVVH DPELHQWH FRPR
REMHWRVFRUWDQWHVDQLPDLVYHQHQRVRVHREMHWRVFRQWDPLQDGRV1DVHJXQGDIDPtOLDRPDULGR
GD FDWDGRUD GH UHIHUrQFLD Mi KDYLD VLGR FDWDGRU GR DWHUUR H LQIRUPRX DV PHVPDV FRQGLo}HV
$PEDV DV IDPtOLDV FRQFRUGDUDP TXH QD FRRSHUDWLYD R FDWDGRU HVWi H[SRVWR D PHQRV ULVFRV
DOpPGHWHUPDLVFRQGLo}HVGHVHSURWHJHUSRVVXLQGRLQIUDHVWUXWXUDH(3,V
$VVLP HVVD FDWHJRULD GH DQiOLVH DSRQWRX GLYHUVRV EHQHItFLRV TXH D RUJDQL]DomR
FRRSHUDWLYDSURSRUFLRQDSDUDDSRSXODomRWDQWRSHODLQFOXVmRHFRQ{PLFDTXDQWRSHODVRFLDO

',6&866®(6

'HYLGRjRPLVVmRKLVWyULFDGRHVWDGRHPUHODomRjVQHFHVVLGDGHVVRFLDLVSULRUL]DQGR
RVDYDQoRVWHFQROyJLFRVRVFLYLVYLUDPDQHFHVVLGDGHGHVHRUJDQL]DUHPEXVFDGDJDUDQWLDGH
VHXV GLUHLWRV IUHQWH jV VLWXDo}HV GH GHVLJXDOGDGH YLYHQFLDGDV 1HVWH VHQWLGR D HFRQRPLD
VROLGiULDDSDUHFHXFRPRXPDDOWHUQDWLYDSDUDDJHUDomRGHWUDEDOKRHUHQGDEHPFRPRSDUD
EXVFDU D DXWRQRPLD GR LQGLYtGXR R TXDO FRP R DSRLR GH GLYHUVDV LQVWLWXLo}HV WHP D
SRVVLELOLGDGH GH FRPSUHHQGHU R VHX FRQWH[WR D VXD KLVWyULD H GH SURSRU QRYRV UXPRV j
RUJDQL]DomRVRFLDOQDTXDOHVWiLQVHULGR
$HFRQRPLDVROLGiULDHQFRQWUDHVSDoRMXQWRDR*RYHUQR)HGHUDODSHQDVHPFRP
D FULDomR GD 6(1$(6 KDYHQGR DQWHULRUPHQWH DFHLWHV SRQWXDLV GH JRYHUQRV PXQLFLSDLV HP
UHFRQKHFrOD FRPR SRWHQFLDO SDUD UHVROYHU SUREOHPDV VRFLDLV 6,1*(5 D (VWHV
DYDQoRV SROtWLFRV RFRUUHUDP D SDUWLU GD RUJDQL]DomR GD SRSXODomR HQYROYLGD R TXH
SRVVLELOLWRXXPDPHOKRUFDSDFLGDGHGHQHJRFLDomRMXQWRjVGLYHUVDVHVIHUDVGRJRYHUQR
$ UHODomR GRV HPSUHHQGLPHQWRV HFRQ{PLFRVROLGiULRV FRP D $67 SHUPLWH
SRWHQFLDOL]iORVHYLDELOL]iORVMiTXHD$67SRVVLELOLWDDXWLOL]DomRGHWHFQRORJLDVDGHTXDGDV
DRFRQWH[WRYLYHQFLDGRVHQGRTXHGHRXWUDIRUPDHVVDVWHFQRORJLDVVHULDPLQDFHVVtYHLVWDQWR
SHOR FXVWR TXDQWR SHOD FRPSOH[LGDGH TXH SRGHP DSUHVHQWDU 2 GHVHQYROYLPHQWR GH $67
RFRUUH KLVWRULFDPHQWH MXQWR D SDUFHLURV FRPR VLQGLFDWRV LJUHMD FDWyOLFD LQFXEDGRUDV
WHFQROyJLFDVXQLYHUVLWiULDVHDOJXQVJRYHUQRVPXQLFLSDLV 6,1*(5D 3RUpPGHDFRUGR
FRP =DQLQ H *XWLHUUH] D SURGXomR WHFQROyJLFD DVVLP FRPR D FULDomR GH SROtWLFDV
S~EOLFDV Vy SRGH VHU HIHWLYD VH R FRRSHUDGR VH DSURSULDU GH FRQKHFLPHQWRV VREUH R TXH
HQYROYHRVHXHPSUHHQGLPHQWR SULQFtSLRVRUJDQL]DomRIXQo}HVGHQWUHRXWURV 2XVHMDQmR

DGLDQWDULD R ((6 VH HTXLSDU GH WHFQRORJLDV VHP TXHKDMDP SROtWLFDV DGHTXDGDV RX TXH VHXV
FRRSHUDGRVSRVVXDPFRQKHFLPHQWRVVXILFLHQWHVSDUDXWLOL]iODV
$ REVHUYDomR SDUWLFLSDQWH SRVVLELOLWRX D HVWH HVWXGR DJUHJDU FRQKHFLPHQWRV VREUH
VLWXDo}HV LPSRUWDQWHV HP UHODomR j RUJDQL]DomR GR WUDEDOKR QD FRRSHUDWLYD R TXH QmR VHULD
SRVVtYHO VDEHU DSHQDV HQWUHYLVWDQGR RV FDWDGRUHV H VXDV IDPtOLDV &RP HOD IRL SRVVtYHO
REVHUYDUDRUJDQL]DomRHRIXQFLRQDPHQWRGRHPSUHHQGLPHQWRHGRVSURFHVVRVUHODFLRQDGRVj
DTXLVLomRGHFRQKHFLPHQWRVH[LVWHQWHVQDFRRSHUDWLYDDVVLPFRPRRVDVSHFWRVWHFQROyJLFRV
$DSUR[LPDomRGRSHVTXLVDGRUFRPRFRWLGLDQRGHWUDEDOKRGRVFRRSHUDGRVSHUPLWLXR
HVWDEHOHFLPHQWRGHYtQFXORFRPHOHVEHPFRPRDDFHLWDomRGRSHVTXLVDGRUQRDPELHQWHGH
WUDEDOKR(VVDSDUWLFLSDomRMXQWRDRHPSUHHQGLPHQWRIRLSRVLWLYDQHVVHVHQWLGRSRLVWDPEpP
OHYRXjVXSHUDomRGHPXLWRVSUHFRQFHLWRVGRFDWDGRUHPUHODomRDRSHVTXLVDGRUVHQGRTXHRV
FRRSHUDGRV VH PRVWUDUDP DGPLUDGRV TXDQGR R SHVTXLVDGRU µFRORFRX D PmR QD PDVVD¶ (VWD
SRVLomR GH ³REVHUYDGRU FRPR SDUWLFLSDQWH´ SHUPLWLX DSUR[LPDU SHVTXLVDGRU H SRSXODomR
HQYROYLGD HP XPD UHODomR KRUL]RQWDO TXH QmR SULYLOHJLDVVH QHQKXP FRQKHFLPHQWR VREUH R
RXWUR1DVHQWUHYLVWDVDDFHLWDomRIRLVLPLODUVHQGRTXHFDWDGRUHVHIDPLOLDUHVPDQLIHVWDUDP
DFKDU LPSRUWDQWH TXH RV SHVTXLVDGRUHV VH DSUR[LPDVVHP H FRQVLGHUDVVHP VXDV RSLQL}HV H
FRQKHFLPHQWRVFRPRQHFHVViULRVSDUDRTXHVHUiSURGX]LGRVREUHHOHVPHVPRV
2PpWRGRGDKLVWyULDRUDOSRUVXDYH]SHUPLWLXDDSUR[LPDomRHDFRQVLGHUDomRGRV
VDEHUHV GRV FDWDGRUHV H GH VXDV IDPtOLDV QR SURFHVVR GH GHVHQYROYLPHQWR FLHQWtILFR 2
PDWHULDODGTXLULGRDWUDYpVGDVHQWUHYLVWDVFRQVWLWXLXVHFRPREDVHSDUDDDQiOLVHGDVWHRULDV
HS{GHVHUFRQWH[WXDOL]DGRDRPRPHQWRYLYHQFLDGRSHORFRRSHUDWLYDDSDUWLUGDVDQiOLVHV
UHDOL]DGDV SDUDOHODPHQWH FRP RV UHVXOWDGRV GR WUDEDOKR GH FDPSR 2 SURFHVVR GH
WUDQVFULDomRIRLLPSRUWDQWHSHODSRVVLELOLGDGHGHTXHRVVXMHLWRVDYDOLDVVHPDLQWHUSUHWDomR
GR SHVTXLVDGRU VREUH R TXH IRL PDQLIHVWDGR H GHVVHP R VXD DQXrQFLD VREUH R FRQWH~GR
GHVHQYROYLGR SDUD JDUDQWLU TXH DV DQiOLVHV GRV GDGRV H DV FRQIURQWDo}HV FRP D WHRULD
IRVVHP YDOLGDGRV 2X VHMD DV WpFQLFDV XWLOL]DGDV MXQWR DR PpWRGR GD KLVWyULD RUDO
SHUPLWLUDP OHJLWLPDU RV GDGRV FROKLGRV H LQWHUSUHWDGRV SHOR SHVTXLVDGRU D SDUWLU GD
FRPSUHHQVmRGRVXMHLWRHQWUHYLVWDGR
1DVHQWUHYLVWDVDSRVVLELOLGDGHGHDTXLVLomRGHFRQKHFLPHQWRVIRLFLWDGDFRPRVHQGR
LPSRUWDQWH SDUD R GHVHQYROYLPHQWR WDQWR SHVVRDO TXDQWR SURILVVLRQDO GRV FDWDGRUHV $
QHFHVVLGDGH H D SRVVLELOLGDGH GH DSUHQGHU IRUDP GHVWDFDGDV SHORV FRRSHUDGRV FRPR
QHFHVViULDV SDUD R GHVHQYROYLPHQWR GR HPSUHHQGLPHQWR 1D IDOD DEDL[RGD FDWDGRUD 0DULD
HODLQGLFDTXHS{GHDSUHQGHUGLYHUVDVFRLVDVQRHPSUHHQGLPHQWRHILFRXFODURWDPEpPTXHHOD

SRVVXtDFRQKHFLPHQWRVVREUHVXDQDWXUH]D,VWRFRQWULEXLSDUDDLGHQWLILFDomRGRWUDEDOKDGRU
FRPRVHXWUDEDOKR

$JRUD DOpP GHVVD SDUWH GH YRFr DSUHQGHU PXLWD FRLVD Qp SULQFLSDOPHQWH D
TXHVWmR GD FRQVFLHQWL]DomR >@ e XP WUDEDOKR TXH HX JRVWR SRU FDXVD GR
VHQWLGR TXH HOH WHP Qp SRUTXH QmR p HP TXDOTXHU OXJDU TXH YRFr YDL
FRQVHJXLUWUDEDOKDUGHIRUPDFRQMXQWDGHIRUPDLJXDO>@

3RUpP SHOR PRPHQWR YLYHQFLDGR REVHUYRXVH D GLILFXOGDGH GH LQFOXVmR GH
FRRSHUDGRVHPHVSDoRVGHWURFDVGHFRQKHFLPHQWR$SULRULGDGHGRVFDWDGRUHVQRSHUtRGRGD
SHVTXLVD HUD D WULDJHP H D YHQGD GH PDWHULDO SDUD D JHUDomR GH UHQGD Mi TXH D FRRSHUDWLYD
DSUHVHQWDYD GLILFXOGDGHV HFRQ{PLFDV 2V FRQKHFLPHQWRV DGTXLULGRV SHODV FRRSHUDGDV
HQWUHYLVWDGDV DGYLQKDP GH RXWURV PRPHQWRV H pSRFDV H VH DSUHVHQWDUDP FRPR LPSRUWDQWHV
SDUDRHQIUHQWDPHQWRGRVSUREOHPDVYLYHQFLDGRV
$LQGD TXH D UHODomR FRP R JRYHUQR PXQLFLSDO HVWLYHVVH IUDJLOL]DGD SULQFLSDOPHQWH
SRU VHU pSRFD GH HOHLomR R TXH RFDVLRQRX D WURFD GH JRYHUQR H D GHVHVWDELOL]DomR GD
&223(59,'$ SHOD GHVFRQWLQXLGDGH GDV Do}HV SUHYLVWDV QD SDUFHULD FRP R SRGHU S~EOLFR
PXQLFLSDO D FRQVFLHQWL]DomR GH SDUWH GRV FRRSHUDGRV PRVWURX TXH R HPSRGHUDPHQWR GRV
FRRSHUDGRV SHORV FRQKHFLPHQWRV DGTXLULGRV p HILFD] D FRPEDWHU HVVHV PRPHQWRV GH FULVH
2XWUR LQGLFDWLYR GHVVD LPSRUWkQFLD VREUH D DTXLVLomR GH FRQKHFLPHQWR H LGHQWLILFDomR GR
WUDEDOKDGRUFRPRHPSUHHQGLPHQWRIRLRIDWRGHTXHGHQWUHRVFRRSHUDGRVTXHDEDQGRQDUDPD
FRRSHUDWLYD QHVVH PRPHQWR GH SUREOHPDV HFRQ{PLFRV D JUDQGH PDLRULD HUD QRYD QR
HPSUHHQGLPHQWR H QmR KDYLD SDVVDGR DLQGD SRU QHQKXP RX SRXFRV PRPHQWRV GH
FDSDFLWDomR GHVFRQKHFHQGR DV QDWXUH]DV H SULQFtSLRV GR HPSUHHQGLPHQWR R TXH QmR OKHV
SHUPLWLD VH LGHQWLILFDU RX OXWDU SRU DOJR TXH OKHV DFDEDYD WUDQVPLWLQGR LQVHJXUDQoD H
HVWUDQKH]D
e LPSRUWDQWH GHVWDFDU TXDQGR VH WUDWD GD DSURSULDomR WHFQROyJLFD H GH SURFHVVRV GH
DTXLVLomR GH FRQKHFLPHQWR D DWXDomR GDV LQFXEDGRUDV WHFQROyJLFDV XQLYHUVLWiULDV MXQWR DRV
HPSUHHQGLPHQWRV ,VVR SRLV GHYLGR DR KLVWyULFR GH LQYHVWLPHQWRV UHDOL]DGRV QR HQVLQR
VXSHULRU SULQFLSDOPHQWH QD SyVJUDGXDomR TXH SULRUL]DYDP D IRUPDomR GH SHVTXLVDGRUHV
SDUD WUDEDOKDU VHJXQGR QHFHVVLGDGHV PHUFDGROyJLFDV JOREDLV DR LQYpV GH WUDWDU GH WHPDV
ORFDLV DV LQFXEDGRUDV DSDUHFHP FRPR XPD RSRVLomR D HVVH VLVWHPD DSUR[LPDQGRVH GD
SRSXODomRSDUDFRQVWUXLUMXQWRRFRQKHFLPHQWRQHFHVViULR 6,1*(5D
$OpP GHVVD SDUFHULD ± HQWUH HPSUHHQGLPHQWRV H LQFXEDGRUDV VHU GHVWDFDGD QD
OLWHUDWXUDHODWDPEpPIRLHQIDWL]DGDSHORVFDWDGRUHVHQWUHYLVWDGRVTXDQGRDSDUHFHUDPIDODV

TXHDSRQWDYDPDFRQWULEXLomRGRVDSRLDGRUHVSDUDDRUJDQL]DomRGRHPSUHHQGLPHQWRFRPR
LOXVWUDDIDODGDFDWDGRUD0LULDP

e D JHQWH Yr DVVLP Oi QD FRRSHUDWLYD D JHQWH WHP R PDLRU DSRLR GHOHV
>DSRLDGRUHV GR 1X0,(FR6RO@ SRUTXH HOHV WrP DMXGDGR EDVWDQWH D JHQWH D
XQLURJUXSRHOHVYmROiSUiSRGHUFRQYHUVDUFRPDJHQWHSUiSURSHVVRDO
WRGR HQWHQGHU R TXH p HFRQRPLD VROLGiULD H Dt HOHV IDOD TXH p R
HPSUHHQGLPHQWR Qp TXH p SUi IRUWDOHFHU R JUXSR p SUi JHQWH VH
IRUWDOHFHUHDMXGDUDVVLPDH[SDQGLUQpRVHPSUHHQGLPHQWRV>@

$OpP GH SRVVLELOLWDU D XQLmR GRV FDWDGRUHV SHOD LGHQWLILFDomR FRPR VHX WUDEDOKR
DGTXLULUFRQKHFLPHQWRVWDPEpPSRGHOHYDUXPDPDLRUDXWRQRPLDDRVVXMHLWRVHFRRSHUDWLYDV
$RFDUDFWHUL]DURHPSUHHQGLPHQWRGHDFRUGRFRPRVSULQFtSLRVHFRQ{PLFRVROLGiULRV
REVHUYRXVHTXHHPUHODomRDRVDVSHFWRVGHDXWRQRPLDOHYDQWDGRVSRU)UDQoD SRXFD
FRLVDPXGRXQD&223(59,'$
(P UHODomR j DXWRQRPLD VRFLDO TXH VH UHPHWH DRV SULQFtSLRV GH FRRSHUDomR H
VROLGDULHGDGH H j RUJDQL]DomR GHPRFUiWLFD DV UHODo}HV DSUHVHQWDGDV PRVWUDP TXH D
VROLGDULHGDGH DLQGD p UHODWLYD HQWUH RV FRRSHUDGRV H TXH HVWH FRPSRUWDPHQWR VH DSUHVHQWD
TXDQGRKiDILQLGDGHVQRPRGRGHUHDOL]DomRGR WUDEDOKRHGHSHQVDUVREUHHOH ,VVRLQGLFD
TXHQmRKiXPSDGUmRSDUDRGHVHQYROYLPHQWRGDVDWLYLGDGHVHTXHRWUDEDOKRpUHDOL]DGRGH
DFRUGRFRPRFRQWH[WRGLiULR
0HVPRFRPHVWDUHODWLYLGDGHHPUHODomRjH[LVWrQFLDGHFRPSRUWDPHQWRVFRRSHUDWLYRV
HVROLGiULRVQDVHQWUHYLVWDVHVWHDVSHFWRIRLFLWDGRFRPRSDUWHLPSRUWDQWHGDRUJDQL]DomRGR
WUDEDOKRQD&223(59,'$VHQGRDLQGDDIRUPDGHRUJDQL]DomRFRRSHUDWLYDDSRQWDGDFRPR
PRWLYR SDUD PXGDQoDV GH FRPSRUWDPHQWRV GRV FRRSHUDGRV HP UHODomR DRV VHXV IDPLOLDUHV
(VVDVDOWHUDo}HVVHUHPHWHPDXPDPDLRUWROHUkQFLDFRPDVGLIHUHQoDVHjDSUR[LPDomRGRV
FDWDGRUHV FRP DV IDPtOLDV (OHV WDPEpP DSRQWDUDP TXH OHYDYDP PXLWDV H[SHULrQFLDV GR
WUDEDOKRSDUDFDVDHTXHLVVRLQIOXHQFLDYDDRUJDQL]DomRGDGLQkPLFDIDPLOLDUFRWLGLDQD)RL
FLWDGDDH[LVWrQFLDGHXPDFRRSHUDomRGLiULDSDUDDUHDOL]DomRGHDWLYLGDGHVGRPpVWLFDVEHP
FRPRRUHVSHLWRDRVOLPLWHVGRRXWUR$IDODGH3HGURPDULGRGDFDWDGRUD0LULDPLOXVWUDHVVD
DILUPDomR

$FDEDLQIOXHQFLDQGRVLP>DRUJDQL]DomRGRWUDEDOKR@SRUTXHWHPYH]TXH
HODFKHJDDVVLPTXHHXSHUFHERTXHHODWiFDQVDGDDVVLPDtHXSHJRHIDoRR
VHUYLoRSUiHODHODRPHVPRID]SUiPLP

(VWDREVHUYDomRLQGLFDDQHFHVVLGDGHGHGHVHQYROYHU$67VTXHSHUPLWDPRUJDQL]DUD
SURGXomRGHVGHDORJtVWLFDGRIOX[RGRWUDEDOKRDWpDSDUWHRSHUDFLRQDOTXHVHUHIHUHjIRUPD
FRPR FDGD IXQomR p H[HFXWDGD (VWD DILUPDomR GHYpP GD YLVmR GH TXH KDYHQGR HVWD

RUJDQL]DomRHXPDIRUPDGHDXWRFRQWUROHGDVDWLYLGDGHVUHDOL]DGDVSDUDJDUDQWLUTXHDVPHWDV
GHWUDEDOKRVHMDPFXPSULGDVRVFRRSHUDGRVSRGHUmRRWLPL]DURWHPSRGHWUDEDOKRWHQGRPDLV
RSRUWXQLGDGHV GH SDUWLFLSDU GH HVSDoRV GH WURFD GH FRQKHFLPHQWR IRUWDOHFHQGR DVVLP R
HPSUHHQGLPHQWRHDVUHODo}HVVROLGiULDVTXHYmRDOpPGDVUHODo}HVGHWUDEDOKRFKHJDQGR D
LQIOXHQFLDUDYLGDIDPLOLDU
6REUH R DVSHFWR GD VROLGDULHGDGH REVHUYRXVH D IDOWD GH FRQWDWR GH GLYHUVRV
FRRSHUDGRVFRPRWHPDGDHFRQRPLDVROLGiULD6LQJHU D LQGLFDDQHFHVVLGDGHGHTXHRV
FRRSHUDGRVVHDSURSULHPGHFRQKHFLPHQWRVVREUHVXDIRUPDGHWUDEDOKRHGHTXHFRQKHoDPH
DFHLWHPRVSULQFtSLRVGDHFRQRPLDVROLGiULD2QmRFRQKHFLPHQWRVREUHRTXHVHMDRWUDEDOKR
HFRQ{PLFRVROLGiULR GLILFXOWD D LGHQWLILFDomR GR LQGLYtGXR FRP D IXQomR H[HUFLGD
GLILFXOWDQGRRGHVHQYROYLPHQWRGHFRPSRUWDPHQWRVTXHUHIOLWDPRVSULQFtSLRVGHVVDIRUPDGH
RUJDQL]DomRGHQWUHRVTXDLVVHHQFRQWUDDVROLGDULHGDGH
3RUpP HP UHODomR DRV FDWDGRUHV HQWUHYLVWDGRV PHVPR TXDQGR HOHV QmR FRQVHJXLDP
GHILQLU REMHWLYDPHQWH R TXH HUD HFRQRPLD VROLGiULD R UHFRQKHFLPHQWR GH VHXV SULQFtSLRV
DWUDYpV GD FLWDomR GH VLWXDo}HV FRWLGLDQDV ILFRX FODUR QDV HQWUHYLVWDV $ FDWDGRUD 0DULD
LQGLFRXDQHFHVVLGDGHGHDSUHQGHUPDLVDLQGDVREUHHFRQRPLDVROLGiULDSDUDDSULPRUDUVHXV
FRQKHFLPHQWRV H SRGHU SDVVDU PDLV LQIRUPDo}HV SDUD RXWUDV SHVVRDV 5HIOHWHVH HQWmR TXH
DPSOLDU D SRVVLELOLGDGH GH RXWURV FRRSHUDGRV WHUHP DFHVVR D GLYHUVRV FRQKHFLPHQWRV
LQFOXLQGRRVVREUHDQDWXUH]DGHVXDRUJDQL]DomRGHWUDEDOKRFRQWULEXLSDUDDRUJDQL]DomRGD
FRRSHUDWLYDFRPRIRUWDOHFLPHQWRGDVUHODo}HVLQWHUQDV
3HQVDQGRQDDXWRQRPLDHFRQ{PLFD )5$1d$ DVLWXDomRGRHPSUHHQGLPHQWR
WDPEpP VH PDQWHYH (P UHODomR j GLVWULEXLomR GH UHQGD PHVPR RFRUUHQGR GH IRUPD
LJXDOLWiULDHODIRLSUHMXGLFDGDSRUKDYHUSUHMXt]RVHPXPDGDVIRUPDVGHREWHQomRGHUHQGDR
UHSDVVHGDSUHIHLWXUD(VWDGLILFXOGDGHHFRQ{PLFDUHYHORXXPDIUDJLOLGDGHGDVUHODo}HVVRFLDLV
GHQWURGRHPSUHHQGLPHQWRSRLVSRUWHURFRUULGRDWUDVRVQDUHWLUDGDYiULRVFRRSHUDGRVVDtUDP
GDFRRSHUDWLYDSRUQmRFRPSUHHQGHUHPDVLWXDomR$VDtGDGHVWHVPHPEURVSUHMXGLFRXPDLV
DLQGDDREWHQomRGHUHQGDMiTXHRVFRRSHUDGRVTXHILFDUDPQmRHVWDYDPFRQVHJXLQGRFROHWDU
WRGR R PDWHULDO H WULiOR R TXH GLPLQXLX D TXDQWLGDGH GH PDWHULDO YHQGLGR (VWD VLWXDomR
PRVWUD D LPSRUWkQFLD GD SDUFHULD HQWUH HPSUHHQGLPHQWR DSRLDGRUHV H JRYHUQR RV TXDLV
SRGHPFRQWULEXLUSDUDTXHRGHVHQYROYLPHQWRGRVHPSUHHQGLPHQWRVRFRUUDGHPDQHLUDPDLV
HVWiYHO 2/,9(,5$=$1,1
6REUH D DXWRQRPLD SROtWLFD TXH SRGH VH UHODFLRQDU DRV SULQFtSLRV GD OLEHUGDGH
LQGLYLGXDOHWDPEpPGDJHVWmRGHPRFUiWLFDREVHUYRXVHTXHHVWiRFRUUHQGRXPPRYLPHQWR
TXHEXVFDDPDLRUSDUWLFLSDomRGRHPSUHHQGLPHQWRHPHVSDoRVSROtWLFRV)UDQoD KDYLD

FRQVWDWDGR TXH QD JHVWmR GR HPSUHHQGLPHQWR QmR KDYLD R GLiORJR SHUPHDQGR DV UHODo}HV D
WRGRRPRPHQWRHQHPRUHVSHLWRjVGLIHUHQoDV(VWDIDOWDGHGLiORJRWRWDODLQGDRFRUUHEHP
FRPR D GLILFXOGDGH GH DFHLWDU DV GLIHUHQoDV H[LVWHQWHV HQWUH RV FRRSHUDGRV 1D IDOD GRV
FDWDGRUHV TXH DFXPXODUDP PDLV FRQKHFLPHQWRV VREUH R ((6 QR TXDO WUDEDOKDP H VREUH RV
VHXV SULQFtSLRV D WROHUkQFLD FRP D GLIHUHQoD H D SRVLWLYLGDGH GD VROLGDULHGDGH IRUDP
DSRQWDGDV FRPR JDQKRV SHVVRDLV TXH EHQHILFLDYDP R FROHWLYR H TXH SRVVLELOLWDYDP XP
DPELHQWHGHWUDEDOKRPDLVVDXGiYHO
$IDOWDGHSDUWLFLSDomRHIHWLYDHPHVSDoRVSRSXODUHVYHPPXGDQGRFRPDDWLWXGHGH
DOJXQVFRRSHUDGRVTXHEXVFDPVHUHODFLRQDUFRPRVIyUXQVHLQFOXVLYHFRPR01&53RUpP
LVWRDLQGDQmRpXPDSHUVSHFWLYDFRPSDUWLOKDGDSHODPDLRULDGRVFDWDGRUHVDSHVDUGHVHUXP
LQGtFLRGHPXGDQoD
$FUHGLWDVHTXHRGHVHQYROYLPHQWRLQWHJUDGRGHVVDVWUrVDXWRQRPLDV VRFLDOHFRQRPLD
HSROtWLFD pQHFHVViULRSDUDDWLQJLUDDXWRJHVWmRMiTXHHODGHSHQGHSDUDRFRUUHUGRLQWHUHVVH
GRVFRRSHUDGRVSHORHPSUHHQGLPHQWRGRFRQKHFLPHQWRGHOHVVREUHVXDIRUPDGHWUDEDOKRGD
TXDOLGDGHGD UHODomR FRPSDUFHLURVHUHGHVGD SDUWLFLSDomRLQWHUQDGRV PHPEURVGR((6D
SDUWLU GD FRPSUHHQVmR VREUH R WUDEDOKR FRRSHUDWLYR H D HFRQRPLD VROLGiULD H GR
HVWDEHOHFLPHQWRGHSROtWLFDVDGHTXDGDV(VWHVDVSHFWRVIRUDPLQGLFDGRVSRLVHOHVVHUHPHWHP
jV IRUPDV GH DXWRQRPLD FLWDGDV SRU )UDQoD HVWDQGR WDPEpP GH DFRUGR FRP DV
FDSDFLGDGHV TXH GHYHP VHU GHVHQYROYLGDV SHOR FDWDGRU VHJXQGR D &%2 (VWHV DVSHFWRV
WDPEpPFRQWHPSODPDGHILQLomRGH0RWKp VREUHDXWRJHVWmRHDSRVVLELOLGDGHTXHHOD
OHYD GH DFRUGR FRP /DYLOOH H *DLJHU GH FULDU QRYRV DWRUHV D SDUWLU GHVVHV QRYRV
SULQFtSLRV DSUHQGLGRV FRQVLGHUDQGR DV LQIOXrQFLDV GD RUJDQL]DomR GR WUDEDOKR VREUH D
LGHQWLGDGHGRLQGLYtGXR
$VVLP SHQVDQGR QD SRWHQFLDOLGDGH GD HFRQRPLD VROLGiULD HP FRQWULEXLU SDUD D
FRQVWLWXLomR GH XP VHQWLGR DR VXMHLWR H OHYDQGR HPFRQWD D SRVVLELOLGDGH GH FULDomR GH XP
³QRYRVHUVRFLDO´ 9(521(6((67(9(6 RTXDOVXUJHSHODIRUPDGHRUJDQL]DomRGR
HPSUHHQGLPHQWR TXH p GLIHUHQWH GDV UHODo}HV FDSLWDOLVWDV H GHPDQGD GLYHUVDV PXGDQoDV QR
FRPSRUWDPHQWR GH VHXV WUDEDOKDGRUHV p LPSRUWDQWH FRQVLGHUDU TXH D IRUPD FRPR D
FRRSHUDWLYD VH RUJDQL]D DWXDOPHQWH GHPRQVWUD TXH H[LVWHP GLYHUVRV FRQIOLWRV D VHUHP
UHVROYLGRV H QHVVH SRQWR D XQLYHUVLGDGH SRGH FRQWULEXLU FRP VHXV FRQKHFLPHQWRV RV TXDLV
GHYHP VHU WURFDGRV FRP HVVD SRSXODomR GH DFRUGR FRP VXDV QHFHVVLGDGHV HP EXVFD GH
VROXFLRQDURVSUREOHPDVHUHVSRQGHUjVGHPDQGDVDSUHVHQWDGDV 6,1*(5D
(YLGHQFLDVH DTXL HQWmR D LPSRUWkQFLD GH TXH RV SULQFtSLRV GD HFRQRPLD VROLGiULD
VHMDPSUDWLFDGRVGHIDWRQDFRRSHUDWLYDEHPFRPRLQFHQWLYDGRVFRWLGLDQDPHQWHSDUDTXHHVWD

VH FDUDFWHUL]H GH DFRUGR FRP D GHILQLomR GD $&, TXH GL] UHVSHLWR GD XQLmR YROXQWiULD GDV
SHVVRDVHPSUROGHVXDVQHFHVVLGDGHVFRPXQVHPXPDRUJDQL]DomRGHPRFUiWLFD
2VSULQFtSLRVHFRQ{PLFRVROLGiULRVSHUPHLDPDVUHODo}HVGHQWURGRHPSUHHQGLPHQWR
DLQGD TXH QmR WRWDOPHQWH R TXH SRGH VHU REVHUYDGR QR FRPSRUWDPHQWR DQiOLVHV H IDODV GH
DOJXQV FRRSHUDGRV QR FRWLGLDQR H WDPEpP QDV HQWUHYLVWDV 3RUpP D HIHWLYDomR GHVVHV
SULQFtSLRVpSUHMXGLFDGDSHODDOWDURWDWLYLGDGHGHFRRSHUDGRVHSHODLQVWDELOLGDGHREVHUYDGDQR
SHUtRGRGDSHVTXLVDGHFDPSR
6LQJHU D FRQVWDWRX TXH D FRRSHUDWLYD SRGH DSUHVHQWDU JUDXV YDULDGRV GH
DXWRJHVWmR GHSHQGHQGR GH FRPR IRL IRUPDGD H GR PRPHQWR YLYHQFLDGR (P UHODomR j
&223(59,'$ PHVPR TXH HOD WHQKD VLGR FULDGD D SDUWLU GH GLVFXVV}HV HQWUH FDWDGRUHV GR
DWHUURVDQLWiULRXQLYHUVLGDGHHJRYHUQRPXQLFLSDODWXDOPHQWHDFRQVWLWXLomRGDFRRSHUDWLYD
QmRpDEVROXWDPHQWHGHH[FDWDGRUHVGHOL[mR(ODpFRQVWLWXtGDDWXDOPHQWHSRUXPSHUFHQWXDO
VLJQLILFDWLYRGHSHVVRDVTXHDQWHVHUDPGHVHPSUHJDGDVRXYLYLDPHPFRQGLo}HVGHWUDEDOKR
LQIRUPDOHLVWRFDUDFWHUL]DVHXDVSHFWRVRFLDOGHLQFOXVmRDSHVDUGHGLILFXOWDURSURFHVVRGH
LGHQWLILFDomR GHVVDV SHVVRDV FRP R WUDEDOKR (VWD FRPSRVLomR VRPDGD DR FRQWH[WR GH FULVH
YLYHQFLDGROHYDjYDULDomRQRJUDXGHDXWRJHVWmRLQGLFDGRSRU6LQJHU D VHQGRTXHR
Pi[LPR TXH VH SRGH REVHUYDU HP UHODomR j &223(59,'$ p D H[LVWrQFLD GH XPD JHVWmR
SDUWLFLSDWLYDMiTXHQmRpSRVVtYHOH[LVWLUXPDHIHWLYDDXWRJHVWmRVHPTXHWRGRVRVPHPEURV
WHQKDPFRQGLo}HVGHJHULUVHXHPSUHHQGLPHQWR
6LQJHU E DLQGDDSRQWDTXHRVLQGLYtGXRVTXDQGRVmRLQVHULGRVHPXP((6WrP
GLILFXOGDGHHPFRQILJXUDUDVQRYDVUHODo}HVGHWUDEDOKRTXHSDVVDPDYLYHQFLDU&RPRH[LVWH
HVVDUHDOLGDGHGHTXHPXLWRVQRYRVFRRSHUDGRVWHPQDFRRSHUDWLYDXPHVSDoRWHPSRUiULRGH
WUDEDOKR SURYRFDQGR XPD DOWD URWDWLYLGDGH GH WUDEDOKDGRUHV QR HPSUHHQGLPHQWR R
HVWDEHOHFLPHQWRGHFRPSRUWDPHQWRVEDVHDGRVQRVSULQFtSLRVHFRQ{PLFRVROLGiULRVSRUYH]HV
QHP FKHJDP D VH GHVHQYROYHU (VWD FRQGLomR GLILFXOWD D SURSDJDomR GHVVHV SULQFtSLRV H GR
HVWDEHOHFLPHQWRGHHVSDoRVHIHWLYRVSDUDWURFDVGHFRQKHFLPHQWRVQRHPSUHHQGLPHQWR
8PDTXHVWmRDSRQWDGDSHORVFDWDGRUHVWDPEpPGXUDQWHDSHVTXLVDGHFDPSRHTXHVH
UHSHWLX QDV HQWUHYLVWDV IRL R GHVHMR GH TXH RV DSRLDGRUHV RV FRQVXOWHP DQWHV GH GHFLGLUHP
SHOD DTXLVLomR GH QRYRV SURGXWRV H WHFQRORJLDV SDUD VDEHU VH HOHV VmR DGHTXDGRV jV
QHFHVVLGDGHV GRV FRRSHUDGRV (VWD VROLFLWDomR FRQYHUJH FRP RV SULQFtSLRV &76 H PHUHFH D
DWHQomR GRV SHVTXLVDGRUHV %$==2 /,16,1*(1 3(5(,5$ (VWH DVVXQWR VXUJLX
TXDQGR RV FDWDGRUHV HVWDYDP DYDOLDQGR D XWLOLGDGH GH FDUULQKRV HOpWULFRV TXH UHFHEHUDP GR
JRYHUQR PXQLFLSDO H TXH VHJXQGR HOHV QmR HUDP DGHTXDGRV jV QHFHVVLGDGHV GD FROHWD
VHOHWLYD SULQFLSDOPHQWH SHOD LQIUDHVWUXWXUD GD FLGDGH 6HJXQGR RV FDWDGRUHV RV FDUULQKRV

HUDPJUDQGHVGHPDLVSDUDDVFDUDFWHUtVWLFDVGDPDLRUSDUWHGDVYLDVS~EOLFDVHDFDEDUDPQmR
DX[LOLDQGRQDFROHWD
$WUDYpV GR FRQWDWR FRP DSRLDGRUHV H RXWURV DWRUHV GR PRYLPHQWR GD HFRQRPLD
VROLGiULD p SRVVtYHO D SDUWLU GDV GHPDQGDV FULDU H DGHTXDU SURFHGLPHQWRV TXH DWHQGDP jV
QHFHVVLGDGHV GR HPSUHHQGLPHQWR ,VWR GHYH LQFOXVLYH FRQVLGHUDU PHLRV GH DX[LOLDU R
HVWDEHOHFLPHQWR GH UHODo}HV LQWHUSHVVRDLV PDLV VDXGiYHLV EXVFDQGR D RUJDQL]DomR GDV
DWLYLGDGHVGHQWUHRXWURVDVSHFWRVHREMHWLYDQGRXPDIRUPDGRHPSUHHQGLPHQWRVHHVWDELOL]DU
GDPHOKRUPDQHLUDSRVVtYHO =$1,1HWDO (VWDVDo}HVFRQVWUXtGDVMXQWDPHQWHFRPR
JUXSR VH UHIHUHP j DWXDomR VRFLDO GD XQLYHUVLGDGH2V SUySULRV FDWDGRUHV DSRQWDUDP TXH RV
DSRLDGRUHVDMXGDPDFRRSHUDWLYDDILFDUPDLVXQLGDHRVID]HPVHQWLUYDORUL]DGRV
(VWHLQYHVWLPHQWRQRVFRRSHUDGRVHQDUHODomRFRPDSRLDGRUHVSDUDFULDUPHFDQLVPRV
TXH IRUWDOHoDP RV SULQFtSLRV GD HFRQRPLD VROLGiULD H R FRRSHUDWLYLVPR VmR LPSRUWDQWHV
DSRQWDPHQWRVHPEXVFDGDDXWRJHVWmRGRHPSUHHQGLPHQWR(YLGHQFLDQGRTXHHVWHSDVVDSRU
PRPHQWRVGHFULVHHFRQ{PLFDWDOYH]VHRVPHPEURVGRJUXSRHVWLYHVVHPPDLVLGHQWLILFDGRV
FRP D FRRSHUDWLYD H FRP VHXV SULQFtSLRV EHPFRPR GLVSRVWRV D LVVR HOD HVWDULD PDLV IRUWH
IUHQWHjVGLILFXOGDGHVDVHUHPHQIUHQWDGDV
1DVHQWUHYLVWDVIRLDSUHVHQWDGDRXWUDHYLGrQFLDHPUHODomRjWHRULDGH/DYLOOHH*DLJHU
GH TXH H HFRQRPLD VROLGiULD p SRWHQFLDO D FULDU µXP QRYR VHU VRFLDO¶ 2 FRQWDWR GRV
FDWDGRUHV H GDV IDPtOLDV FRP VHXV SULQFtSLRV GHVSHUWRX QRYDV DWLWXGHV PDLV VROLGiULDV H GH
XQLmRTXHLQIOXHQFLDUDPRUHODFLRQDPHQWRGHVVHJUXSR
$SHQDVR*UXSR)DPLOLDUDILUPRXQmRVDEHURTXHpHFRQRPLDVROLGiULDSRUpPVHX
GLVFXUVREHPFRPRGDFDWDGRUD0DUWDUHPHWHXVHDRVVHXVSULQFtSLRV(VWDIDPtOLDpDPDLV
FRQIOLWXRVD HP UHODomR jV FRQVLGHUDo}HV VREUH R WUDEDOKR QD FRRSHUDWLYD SRLV D FDWDGRUD
FDUDFWHUL]DRWUDEDOKROiFRPRLQVHJXURHFRQRPLFDPHQWHFLWDQGRFRPRH[HPSORDFULVHTXHD
FRRSHUDWLYDHVWDYDSDVVDQGR$LQGDDVVLPHODRFRQVLGHUDFRPRXPDGDV~QLFDVIRUPDVGHHOD
JHUDUUHQGDGHYLGRjVXDLGDGHTXHGLILFXOWDFRQVHJXLURXWURVWUDEDOKRV
3RUpP D FDWDGRUD 0DUWD QR WUDEDOKR GH FDPSR IRL XPD GDV TXH PDLV GHIHQGHX D
QHFHVVLGDGHGRVFDWDGRUHVVHXQLUHPSDUDHQIUHQWDUDFULVHDILUPDQGRTXHQXQFDDEDQGRQDULD
DFRRSHUDWLYDSRUDFUHGLWDUQHOD(ODWDPEpPDSRQWRXTXHDIDOWDGHVROLGDULHGDGHHWROHUkQFLD
GHDOJXQVFDWDGRUHVSDUDRVRXWURVEHPFRPRDHQWUDGDHVDtGDFRQVWDQWHGHWUDEDOKDGRUHVGR
HPSUHHQGLPHQWR SUHMXGLFDYDP R IXQFLRQDPHQWR GD FRRSHUDWLYD (VWH VHQWLPHQWR GH XQLmR
GHPRQVWUDGR HP FDPSR H PDQLIHVWDGR QR FRPSRUWDPHQWR GRV PHPEURV IDPLOLDUHV HP VHX
FRWLGLDQRFRQIOLWDXPSRXFRFRPVXDVGHFODUDo}HVQDVHQWUHYLVWDVRTXHSRGHVHUH[SOLFDGR
SHOR IDWR GH TXH PHVPR YLYHQFLDQGR R FRWLGLDQR GR ((6 EHP FRPR VXDV UHODo}HV GH

WUDEDOKRHODSDUWLFLSRXGHSRXFDVUHXQL}HVTXHSRVVLELOLWDUDPWURFDVGHFRQKHFLPHQWR$VVLP
PHVPR GHPRQVWUDQGR DOJXPDV LQVHJXUDQoDV FRQIOLWRV H GLILFXOGDGH GH HODERUDU VXDV
SHUFHSo}HV HOD FRQVHJXH LGHQWLILFDU R TXH VHULD SRVLWLYR HRX QHJDWLYR SDUD R
HPSUHHQGLPHQWRGHDFRUGRFRPVXDIRUPDGHRUJDQL]DomR
2 GLVFXUVR GH 0DUWD VREUH D LQVHJXUDQoD HFRQ{PLFD DSDUHQWHPHQWH VH GHYH DR
PRPHQWRYLYHQFLDGR(VWDUHIOH[mRGHYpPWDPEpPGDFDWDGRUDDSRQWDUTXHTXDQGRHODDGHULX
j FRRSHUDWLYD R HPSUHHQGLPHQWR HUD PXLWR PHOKRU R TXH FRQVWDWD D SRVVLELOLGDGH GH XPD
IUDJLOLGDGHPRPHQWkQHD
2V RXWURV JUXSRV IDPLOLDUHV PHVPR FRP GLILFXOGDGH GH H[SOLFDU R TXH p HFRQRPLD
VROLGiULDDFRQKHFLDPHDGHIHQGLDPFLWDQGRH[HPSORVGHFRPRVHXVSULQFtSLRVLQIOXHQFLDP
QR GLDDGLD GR WUDEDOKR H GD IDPtOLD ,VVR LQGLFD FRPR D DSURSULDomR GRV FDWDGRUHV GH
FRQKHFLPHQWRV UHODWLYRV DR HPSUHHQGLPHQWR SRWHQFLDOL]D VXD FDSDFLGDGH GH SURPRYHU
PXGDQoDV &RQVLGHUDQGR D GLQkPLFD IDPLOLDU FRPR XPD WURFD GH LQIOXrQFLDV HQWUH RV
PHPEURV $*267,1+2 6$1&+(= H TXH HOD Vy p FRPSUHHQVtYHO VH IRUHP
FRQVLGHUDGDV DV DOWHUDo}HV VRFLDLV TXH SRGHP DWLQJLU iUHDV HFRQ{PLFDV FLHQWtILFDV
WHFQROyJLFDVUHODFLRQDLVGHQWUHRXWUDV )(51$1'(6 LQIHUHVHTXHHVWDVPXGDQoDV
VHHVWHQGHPDRFDPSRIDPLOLDU
$OpPGDWHRULDDVVLPLQGLFDUDVIDODVGRVFDWDGRUHVHIDPLOLDUHVWDPEpPRID]HP(OHV
SRU GLYHUVDV YH]HV LQGLFDUDP TXH UHDOL]DYDP R WUDEDOKR HP FDVD MXQWRV FRPR ID]LDP QD
FRRSHUDWLYDTXHHOHVGLYLGLDPDVIXQo}HVSDUDQmRVREUHFDUUHJDURRXWURGLVVHUDPWDPEpP
TXHQmRWRPDYDPGHFLV}HVVHPFRQVXOWDUXQVDRVRXWURVHDLQGDTXHHVWDYDPPDLVSUy[LPRV
HVRFLiYHLVGHSRLVTXHRFDWDGRUSDVVRXDSDUWLFLSDUGDFRRSHUDWLYD2XVHMDDVVLP FRPRR
WUDEDOKR LQWHUIHUH QR LQGLYtGXR H HP VXD GLQkPLFD IDPLOLDU RV SULQFtSLRV TXH SHUPHLDP D
RUJDQL]DomRGHVVHWUDEDOKRWDPEpPFDUDFWHUL]DPHVVDLQWHUIHUrQFLD
1DVHQWUHYLVWDVIRLSRVVtYHOREVHUYDUWUrVFDUDFWHUtVWLFDVSULQFLSDLVSHUPHDQGRDVIDODV
GRV FDWDGRUHV H GRV IDPLOLDUHV TXH RV SULQFtSLRV HFRQ{PLFRVROLGiULRV PHVPR QmR VHQGR
FRPSUHHQGLGRVWHRULFDPHQWHTXDQGRYLYHQFLDGRVQRHVSDoRGHWUDEDOKRVmRSRWHQFLDLVSDUD
PXGDURFRPSRUWDPHQWRGRLQGLYtGXRTXHDRUJDQL]DomRGRWUDEDOKRFRRSHUDWLYLVWDLQIOXHQFLD
SRVLWLYDPHQWH QD GLQkPLFD IDPLOLDU H TXH D RUJDQL]DomR FRRSHUDWLYD p FRQVLGHUDGD SHORV
FDWDGRUHV FRPR XPD SRVVLELOLGDGH GH LQFOXVmR HFRQ{PLFRVRFLDO GH SHVVRDV H[FOXtGDV SHOD
VRFLHGDGH
$SDUWLUGHVWHVGDGRVSHUFHEHVHTXHDDTXLVLomRGHFRQKHFLPHQWRVLJQLILFDWLYRSRGH
PXGDUDYLGDGDVSHVVRDVSRLVHODSRGHGHVHQYROYHUXPDPDLRUDXWRQRPLDTXHVHWUDQVIHUH
SDUD RXWURV DVSHFWRV GH VXD YLGD LQFOXLQGR R kPELWR GDV UHODo}HV $VVLP D EXVFD SHOD

DXWRJHVWmRHIHWLYDQRVHPSUHHQGLPHQWRVSRGHUHVXOWDUHPXPDPDLRUDXWRQRPLDGDVIDPtOLDV
TXHSDVVDPFDGDYH]PDLVDLQFRUSRUDURVSULQFtSLRVHFRQ{PLFRVROLGiULRVQDVVXDVUHODo}HV
FRWLGLDQDVHRXWURVFRQKHFLPHQWRVQHFHVViULRVSDUDTXHHVWHVSULQFtSLRVVHMDPSUDWLFDGRV
$ FRRSHUDWLYD WDPEpP IRL DSRQWDGD DV HQWUHYLVWDV FRPR XP HVSDoR TXH SURSLFLD D
VRFLDOL]DomRGRVFRRSHUDGRVWDQWRSHODVDPL]DGHVIHLWDVLQWHUQDPHQWHTXHVHWUDQVIHUHPSDUD
DYLGDSHVVRDOTXDQWRSHODLQFOXVmRVRFLDOHPHVSDoRVGHFRQYLYrQFLDFRPRR6(6&RTXHp
YLVWRFRPRXPDFRQTXLVWD2VIDPLOLDUHVHPUHODomRjSRVVLELOLGDGHGHDVVRFLDomRDR6(6&
DLQGDGLVVHUDPVHQWLUTXHDFRRSHUDWLYDVHSUHRFXSDHPSURYHUPHOKRUHVFRQGLo}HVWDPEpP
SDUD DV IDPtOLDV GLUHFLRQDQGR RSRUWXQLGDGHV D HODV H GHPRQVWUDQGR SUHRFXSDomR FRP RV
FDWDGRUHVFRRSHUDGRV$VVLPHVWDDWXDOPXGDQoDSRGHLQIOXHQFLDUEHQHILFDPHQWHDVUHODo}HV
LQWHUQDVGRHPSUHHQGLPHQWRSRULQGLFDUXPVHQWLPHQWRGHSHUWHQFLPHQWRHDFHLWDomR
&RPSDUDQGRHVWHVUHVXOWDGRVFRPRVGDSHVTXLVDGH /LPD REVHUYDVHTXHDV
UHVSRVWDVGDVIDPtOLDVFRQGL]HPFRPDPDLRULDGDVUHVSRVWDVGRVFDWDGRUHVGDFRRSHUDWLYDTXH
SDUWLFLSDUDPGDSHVTXLVDGDDXWRUD
'HDFRUGRFRP/LPD H)UDQoD DLQVHUomRQRHPSUHHQGLPHQWRPHOKRURX
RFRQYtYLRVRFLDORDFHVVRDRVVHUYLoRVS~EOLFRVHRFRQKHFLPHQWRVREUHHOHV0HVPRTXHRV
SULQFtSLRV HFRQ{PLFRVROLGiULRV QmR HVWHMDP H[SOtFLWRV QR FRWLGLDQR VXEMHWLYDPHQWH HOHV
LQWHUIHUHPQDV UHODo}HV FRPRVIDPLOLDUHVRVTXDLVHPVXDPDLRULD DSRLDPGRWUDEDOKRGRV
FDWDGRUHV /,0$
&RQVLGHUDQGRRVUHVXOWDGRVGDVHQWUHYLVWDVFRQWH[WXDOL]DGRVFRPRVGDGRVREWLGRVQR
WUDEDOKR GH FDPSR REVHUYDVH TXH D UHODomR HQWUH HPSUHHQGLPHQWR H XQLYHUVLGDGH p XP
FDPSRIpUWLOGHSRVVLELOLGDGHVSDUDRGHVHQYROYLPHQWRGHSURFHVVRVPpWRGRVHWpFQLFDVTXH
FRQWULEXDPFRPDVQHFHVVLGDGHVGDFRRSHUDWLYD 129$(6',$6
(QIDWL]DPVHHQWmRDOJXQVSRQWRVLPSRUWDQWHVUHIHUHQWHVDRFDPSRGHSHVTXLVD&76
TXHIRUDPUHIRUoDGRVFRPRVUHVXOWDGRVGHVVDSHVTXLVD

D )RL FLWDGR XP H[HPSOR QR TXDO XPD WHFQRORJLD FDUULQKRV HOpWULFRV IRL LPSRVWD
DRVFDWDGRUHVGD&223(59,'$VHPTXHRVHXFRQKHFLPHQWRIRVVHFRQVLGHUDGR
SDUDHODERUDUDGHFLVmRGHDGTXLULOD(VWDWHFQRORJLDWRUQRXVHREVROHWDHUHFXUVRV
IRUDPGHVSHUGLoDGRVRFDVLRQDQGRDSHUPDQrQFLDGHXPSUREOHPDTXHVHUHIHUHj
RWLPL]DomRGDFROHWDVHOHWLYDHjEXVFDGHPHOKRUHVFRQGLo}HVGHWUDEDOKRSDUDRV
FDWDGRUHV ,VWR LOXVWUD D LPSRUWkQFLD GH DOLQKDU DV GHFLV}HV SROtWLFRHFRQ{PLFDV
FRPDVGHPDQGDVVRFLDLV

E )RLSHUFHELGRTXHQmRVyRVFRRSHUDGRVPDVWDPEpPVXDVIDPtOLDVVHDSURSULDUDP
GHWHFQRORJLDVH[LVWHQWHVQRHPSUHHQGLPHQWRLQFOXLQGRVXDIRUPDGHRUJDQL]DomR
EHP FRPR VH DSURSULDUDP GH FRQKHFLPHQWRV GHVHQYROYLGRV QR HVSDoR GD
FRRSHUDWLYDUHIHUHQWHVLQFOXVLYHjVXDQDWXUH]DHSULQFtSLRV

'HVVH PRGR UHIRUoDVH D GHIHVD GH TXH D SURGXomR FLHQWtILFD H WHFQROyJLFD DWLQJH
kPELWRV PDLV DPSORV GR TXH VLPSOHVPHQWH R HVSDoR QR TXDO VH GLVS}H D LQWHUYLU
FRQWHPSODQGRRTXHpGHIHQGLGRDSDUWLUGRVSULQFtSLRVGRFDPSR&76RGHTXHDSURGXomR
FLHQWtILFD H WHFQROyJLFD QmR p DXW{QRPD H TXH HOD FDUUHJD YDORUHV VRFLDLV R TXH D
UHVSRQVDELOL]D SHODV FRQVHTXrQFLDV TXH SRVVD FDXVDU j VRFLHGDGH ,QGLFDVH HQWmR D
UHVSRQVDELOLGDGH VRFLDO TXH D SURGXomR FLHQWtILFD H WHFQROyJLFD FDUUHJD H TXH
FRQVHTXHQWHPHQWH WDPEpP FDEH DRV SHVTXLVDGRUHV HP UHODomR DRV REMHWRV H UHVXOWDGRV GH
VXDVSHVTXLVDV
3RGHVH GL]HU TXH DOpP GR PpWRGR XWLOL]DGR EXVFDU FRQWHPSODU DV LQGLFDo}HV TXH RV
SULQFtSLRV &76 GHPDQGDP GH VHXV SHVTXLVDGRUHV UHYHORXVH RXWURV DVSHFWRV LPSRUWDQWHV
UHODFLRQDP R REMHWR GHVVD SHVTXLVD DR FDPSR &76 R GH TXH DV IDPtOLDV GH DSURSULDP GH
FRQKHFLPHQWRV H WHFQRORJLDV SURGX]LGDV QR HVSDoR GH WUDEDOKR H TXH D QmR HIHWLYDomR GH
SROtWLFDVGH(VWDGRGHVHVWDELOL]DPRVHPSUHHQGLPHQWRVTXHILFDPGHSHQGHQWHVGDVSROtWLFDV
GHJRYHUQRLQVWiYHLVHWUDQVLWyULDV
&RQIRUPH 6RX]D RV VDEHUHV GR VHQVR FRPXP GHYHP VHU FRQVLGHUDGRV QD
HODERUDomR GH SROtWLFDV S~EOLFDV H RV UHVXOWDGRV DTXL DSUHVHQWDGRV GHPRQVWUDP TXH RV
SHQVDPHQWRVGRVWUDEDOKDGRUHVFDWDGRUHVGDHFRQRPLDVROLGiULDHGHVHXVIDPLOLDUHVFRQGL]HP
FRPRTXHVHHQFRQWUDQDOLWHUDWXUDQRTXHVHUHIHUHDRUHIOH[RGRVSULQFtSLRVGDHFRQRPLD
VROLGiULD QR FRPSRUWDPHQWR GR LQGLYtGXR (VWH UHIOH[R RFRUUH SHOD LQIOXrQFLD TXH DV
LQVWLWXLo}HV QDV TXDLV R VXMHLWR HVWi LQVHULGR SRVVXHP QD FRQVWLWXLomR GH VXD LGHQWLGDGH 2V
UHVXOWDGRVGHPRQVWUDPWDPEpPTXHDHFRQRPLDVROLGiULDSRVVXLLQIOXrQFLDVVLJQLILFDWLYDVQD
YLGDGRLQGLYtGXRHGHVXDIDPtOLDSRVVLELOLWDQGRDDTXLVLomRGHDXWRQRPLDHFRQKHFLPHQWRV
WDPEpP SHODV SHVVRDV SUy[LPDV DRV FDWDGRUHV H TXH D SRVVLELOLGDGH GH XPD FRQWLQXLGDGH
HVWiYHO QR GHVHQYROYLPHQWR GHVVHV HPSUHHQGLPHQWRV VHULD FDSD] GH SHUPLWLU R
HPSRGHUDPHQWRGHVVHVVXMHLWRV(VWDLQIRUPDomRVHULDHQWmRPDLVXPDFRQWULEXLomRHPEXVFD
GD HODERUDomR GH SROtWLFDV GH (VWDGR GH HFRQRPLD VROLGiULD H GH GLUHFLRQDPHQWR GD DWXDomR
GRVSHVTXLVDGRUHVGDiUHD

&216,'(5$d®(6),1$,6

$VFRQIURQWDo}HVGRVUHVXOWDGRVGRWUDEDOKRGHFDPSRHGDVHQWUHYLVWDVFRPDWHRULD
DSUHVHQWDGDSHUPLWLUDPDFRQILUPDomRGDKLSyWHVHGHTXHDHFRQRPLDVROLGiULDLQIOXHQFLDGH
IRUPDSRVLWLYDQDGLQkPLFDIDPLOLDUGRVFDWDGRUHVLQVHULGRVHPFRRSHUDWLYDVSHODFRQVWDWDomR
GH TXH KRXYH DOWHUDo}HV QD RUJDQL]DomR IDPLOLDU DSyV D LQVHUomR GR FDWDGRU HP XP ((6
'LYHUVDV UHIOH[}HV SXGHUDP VHU UHDOL]DGDV D SDUWLU GLVVR FRQVLGHUDQGR D LPSRUWkQFLD GD
DSURSULDomR GH FRQKHFLPHQWRV SRU SDUWH GRV FRRSHUDGRV H GH VHXV IDPLOLDUHV DVVRFLDGD j
HODERUDomRGH76DWUDYpVGD$67HGDFULDomRGHSROtWLFDVGH(VWDGRGHHFRQRPLDVROLGiULD
SDUD JDUDQWLU D HVWDELOLGDGH GRV HPSUHHQGLPHQWRV 9HULILFRXVH TXH D DSURSULDomR GH
FRQKHFLPHQWRV H GH WHFQRORJLDV IRL DOpP GR DPELHQWH GH WUDEDOKR WHQGR VLGR LQFRUSRUDGRV
WDPEpPSHORVIDPLOLDUHVGRVFDWDGRUHVLOXVWUDQGRDUHVSRQVDELOLGDGHGDSURGXomRFLHQWtILFDH
WHFQROyJLFDFRPVHXREMHWR
$SDUWLUGRVUHVXOWDGRVREWLGRVQRWUDEDOKRGHFDPSRTXHUHVSRQGHPDRREMHWLYRGH
VLVWHPDWL]DU DV UHODo}HV GH WUDEDOKR QR HPSUHHQGLPHQWR H DR LGHQWLILFDU RV DVSHFWRV
WHFQROyJLFRV H GH DSURSULDomR GR FRQKHFLPHQWR H[LVWHQWHV QR HPSUHHQGLPHQWR TXH
LQIOXHQFLHPVXDIRUPDGHRUJDQL]DomRpSRVVtYHOLQGLFDUTXHD&223(59,'$QHFHVVLWDGH
DOJXPDV DGDSWDo}HV TXH SRGHP RFRUUHU DWUDYpV GH DSRLR GH GLYHUVRV SDUFHLURV 'HQWUH HOHV
SRGHVHLQFOXLUDXQLYHUVLGDGHRSRGHUS~EOLFRHR01&5RVTXDLVFRODERUDPSDUDTXHDV
UHODo}HVLQWHUQDVGHWUDEDOKRVHMDPRUJDQL]DGDVIRUWDOHFLGDVHVHWRUQHPHVWiYHLVVHJXQGRRV
SULQFtSLRVGDHFRQRPLDVROLGiULD
&RPRVHSRGHSHUFHEHUDRVHDVVRFLDURVUHVXOWDGRVGDVHQWUHYLVWDVFRPDVLWXDomRGH
FDPSRDDTXLVLomRGHFRQKHFLPHQWRVSHORVFRRSHUDGRVSRVVLELOLWRXPXGDQoDVQDVVXDVYLGDV
H QD GH VXDV IDPtOLDV SHUPLWLQGR D HODV WHU PDLRU DXWRQRPLD H FRPSRUWDPHQWRV PDLV
FRRSHUDWLYRV H VROLGiULRV 'HQWUH RV FRQKHFLPHQWRV DSUHHQGLGRV QD FRRSHUDWLYD SRGHPVH
FLWDU RV SULQFtSLRV HFRQ{PLFRVROLGiULRV H FRQWH~GRV SDUD R GHVHQYROYLPHQWR GRV WUDEDOKRV
TXHUHVXOWDPQRDSULPRUDPHQWRHQRJDQKRGHKDELOLGDGHVSHVVRDLV
(VVHVSULPHLURVUHVXOWDGRVPRVWUDPFRPRDVWHFQRORJLDVLQIOXHQFLDPQRFRWLGLDQRGDV
IDPtOLDV WDQWR FRQVLGHUDQGR R HPSUHHQGLPHQWR FRPR XPD WHFQRORJLD VRFLDO HP VL TXDQWR
WHQGR HP FRQWD D H[LVWrQFLD GH RXWURV SURFHVVRV WHFQROyJLFRV TXH HQYROYHP LQFOXVLYH D
SUySULDRUJDQL]DomRGRHPSUHHQGLPHQWR
(VVDV FDUDFWHUtVWLFDV FRQVLGHUDQGR RV JDQKRV SHVVRDLV GD SRSXODomR HQYROYLGD H RV
FROHWLYRV H SHQVDQGR QR JUXSR IDPLOLDU LOXVWUDP FRPR D FLrQFLD UHSUHVHQWDGD SHORV
FRQKHFLPHQWRV GRV DSRLDGRUHVXQLYHUVLGDGH H D WURFD GHVVHV FRQKHFLPHQWRV FRP RV GRV

FRRSHUDGRVSRGHPOHYiORVDSDUWLFLSDUGHVVDSURGXomRFLHQWtILFDHGDSURGXomRWHFQROyJLFD±
TXHHQYROYHPRVSURGXWRVHPpWRGRVUHVXOWDQWHVGHVVDVLQWHUDo}HV'HVVHPRGRREVHUYDVH
RV SULQFtSLRV GR FDPSR &76 SHUPHDQGR D SURGXomR FLHQWtILFD H WHFQROyJLFD QR FDPSR GD
HFRQRPLD VROLGiULD SHOD EXVFD GH JDQKRV VRFLDLV D SDUWLU GDV GHPDQGDV GDV SRSXODo}HV
HQYROYLGDV
4XDQGR VH UHIOHWH VREUH RV UHVXOWDGRV GDV HQWUHYLVWDV SHUFHEHVH R TXmR IRUWH p D
LQIOXrQFLD GR HPSUHHQGLPHQWR H GH VXDV WHFQRORJLDV QD YLGD IDPLOLDU H R TXDQWR HVVD
LQIOXrQFLD SRGH VHU PDLV LQWHQVD H EHQpILFD FRPR PRVWUD D IDOD GDV IDPtOLDV FDVR R
HPSUHHQGLPHQWR VH WRUQH PDLV VXVWHQWiYHO H HVWiYHO $V WURFDV GH FRQKHFLPHQWR LQWHUQDV
SRGHP VHU IDFLOLWDGDV SHOD LQWHUDomR FRP RV DSRLDGRUHV SRUpP R DVSHFWR HFRQ{PLFR
QHFHVVLWDDOpPGHXPDRUJDQL]DomRDGHTXDGDGRVFRRSHUDGRVGRDSRLRGRVJRYHUQRV
&RPRQmRH[LVWHPSROtWLFDVGH(VWDGRHIHWLYDVVREUHHFRQRPLDVROLGiULDRVJRYHUQRV
PXQLFLSDLV QmR VH HQ[HUJDP FRP D UHVSRQVDELOLGDGH GH FRILQDQFLDU HVVHV SURMHWRV
FRRSHUDWLYRV ILFDQGR RV ((6 GHSHQGHQWHV GH SROtWLFDV (VVDV SDUFHULDV H DSRLRV ILQDQFHLURV
GHSHQGHP GD HVWUXWXUD H LGHRORJLD GH FDGD JRYHUQR R TXH SRGH GHVHVWDELOL]DU RV
HPSUHHQGLPHQWRV HP FDVR GH PXGDQoDV $VVLP PHVPR TXH SRVVXDP XPD RUJDQL]DomR
LQWHUQD IRUWDOHFLGD DV FRRSHUDWLYDV SDVVDP SRU GLILFXOGDGHV ILQDQFHLUDV TXH SUHMXGLFDP D
H[HFXomRGHVHXVVHUYLoRV
(QWmRDOpPGDLPSRUWkQFLDGDDTXLVLomRGHFRQKHFLPHQWRILFRXFODURQRVUHVXOWDGRV
GHVVDSHVTXLVDDLPSRUWkQFLDGDVSROtWLFDVS~EOLFDV2VUHVXOWDGRVGDIDOWDGHVWDVSRGHPVHU
LOXVWUDGRV QD VLWXDomR GD &223(59,'$ QR SHUtRGR GH H[HFXomR GHVVD SHVTXLVD TXDQGR D
LQVWDELOLGDGHGHUHSDVVHVSRUSDUWHGRJRYHUQRPXQLFLSDOHDPXGDQoDGHVWHDSyVDVHOHLo}HV
UHVXOWDUDPHPGLILFXOGDGHVGHRUJDQL]DomRLQWHUQDSHODQHFHVVLGDGHGHUHRUJDQL]DUDURWLQDGH
WUDEDOKRHPEXVFDGDJHUDomRGHUHQGDHSHODVDtGDGHGLYHUVRVFRRSHUDGRVGHQWUHRVTXDLVD
PDLRULDHUDQRYDQRHPSUHHQGLPHQWRSHORQmRHQWHQGLPHQWRGDVLWXDomR
2VFRRSHUDGRVTXHSRVVXtDPPDLVFRQKHFLPHQWRQmRDEDQGRQDUDPDFRRSHUDWLYDSRU
DFUHGLWDU HP VHX SRWHQFLDO H EHQHItFLRV VRFLDLV PDV RV TXH QmR WLQKDP DGTXLULGR
FRQKHFLPHQWR VXILFLHQWH VDtUDP GR HPSUHHQGLPHQWR QR SULPHLUR PRPHQWR GH FULVH
HQIUHQWDGR
)RUWDOHFHU DV HVWUDWpJLDV GH DTXLVLomR GH FRQKHFLPHQWR R TXH GHYH VHU XPD DomR
FRQWtQXDWHQGRHPYLVWDDURWDWLYLGDGHGHPHPEURVHDLPSRUWkQFLDGHUHFLFODUWDPEpPRTXH
VH VDEH HP EXVFD GH DSHUIHLoRDPHQWRV VLJQLILFD IRUWDOHFHU R HPSUHHQGLPHQWR SHOD
SRVVLELOLGDGHGRVFRRSHUDGRVSRVVXtUHPPHLRVGHRUJDQL]DUWRGRRSURFHVVRGHSURGXomRGD
FRRSHUDWLYD GHVGH D ORJtVWLFD DWp D RSHUDFLRQDOL]DomR GR WUDEDOKR 6LJQLILFD WDPEpP D

GLPLQXLomR GRV FRQIOLWRV LQWHUQRV Mi TXH IRL LQGLFDGR QRV UHVXOWDGRV R GHVHQYROYLPHQWR GH
FRPSRUWDPHQWRVPDLVVROLGiULRVHFRRSHUDWLYRVSRUSDUWHGRVHQWUHYLVWDGRVTXHSDVVDUDPSRU
PRPHQWRVGHFDSDFLWDomR$GLPLQXLomRGHVVHVFRQIOLWRVOHYDDXPDPDLRUXQLmRGRJUXSRR
TXHSRVVLELOLWDTXHHOHOXWHGHIRUPDPDLVFRQFLVDSHORVVHXVGLUHLWRVHSRUSROtWLFDVS~EOLFDV
DGHTXDGDV EHP FRPR TXH D FRRSHUDWLYD VH PDQWHQKD PDLV IRUWH HP PRPHQWRV GH
GLILFXOGDGHV
$VFUtWLFDVPDLRUHVGRVFDWDGRUHVWDQWRQRWUDEDOKRGHFDPSRTXDQGRQDVHQWUHYLVWDV
IRUDPVREUHDURWDWLYLGDGHH[FHVVLYDGHFRRSHUDGRVDVGLILFXOGDGHVHFRQ{PLFDVDGYLQGDVGH
UHODo}HV QmR WRWDOPHQWH HVWDEHOHFLGDV H GHOLPLWDGDV FRP R JRYHUQR PXQLFLSDO H j IDOWD GH
RUJDQL]DomR H DYDOLDomR GD RSHUDFLRQDOLGDGH GDV IXQo}HV GH FDGD FDWDGRU GHQWUR GD
FRRSHUDWLYD 2V FRRSHUDGRV PDLV QRYRV PDQLIHVWDYDP GHVFRQWHQWDPHQWR FRP D IRUPD GH
SDJDPHQWRHRUJDQL]DomRGDFRRSHUDWLYDDILUPDQGRQmRFRPSUHHQGHUSRUTXHHODVDFRQWHFLDP
GDTXHODGHWHUPLQDGDIRUPD
6REUH R REMHWLYR GH FDUDFWHUL]DU D GLQkPLFD IDPLOLDU GRV FDWDGRUHV QR SURFHVVR GH
FRQWDWR FRP D HFRQRPLD VROLGiULD UHVSRQGLGR SULQFLSDOPHQWH SHOD DQiOLVH GDV HQWUHYLVWDV
SHUFHEHXVHTXHDLQVHUomRGRFDWDGRUQRHPSUHHQGLPHQWRUHVXOWRXHPDOWHUDo}HVQDGLQkPLFD
IDPLOLDU DWULEXtGDV SHORV FDWDGRUHV H IDPLOLDUHV j IRUPD GH RUJDQL]DomR FRRSHUDWLYD GR
WUDEDOKRPHVPRTXDQGRGL]LDPQmRVDEHURTXHpDHFRQRPLDVROLGiULD3RUpPREVHUYRXVH
TXHQDVIDPtOLDVTXHFRQKHFHPRFRQFHLWRRFRPSRUWDPHQWRVROLGiULRHDLJXDOGDGHHQWUHRV
PHPEURV VmR PDLV LQWHQVRV ,VVR RFRUUHX SHOR HPSRGHUDPHQWR GDV IDPtOLDV DWUDYpV GD
LQFRUSRUDomR GRV FRQKHFLPHQWRV H GDV WHFQRORJLDV GHVHQYROYLGDV QR HPSUHHQGLPHQWR $V
IDPtOLDV DWULEXtUDP j LQVHUomR GR FDWDGRU QD FRRSHUDWLYD DV PXGDQoDV LQWHUQDV GDV IDPtOLDV
LQFOXVLYHGDURWLQDHGDH[HFXomRGDVIXQo}HVGHFDGDXPQDFDVD
2V UHODWRV VREUH D YLGD DQWHV GD LQVHUomR GRV FDWDGRUHV QR HPSUHHQGLPHQWR VH
UHPHWHP D XPD PHQRU SUR[LPLGDGH H XQLmR HQWUH RV PHPEURV IDPLOLDUHV H LQFOXVLYH j
XWLOL]DomRDEXVLYDGHEHELGDDOFRyOLFDSRUDOJXQVPHPEURV$WXDOPHQWHDVIDPtOLDVSRVVXHP
PHOKRUHV SHUVSHFWLYDV GH YLGD R TXH UHODFLRQDP FRP D LQFOXVmR HFRQ{PLFRVRFLDO j
YDORUL]DomR GR LQGLYtGXR H jV UHODo}HV PDLV VROLGiULDV SURSLFLDGDV SHOD FRRSHUDWLYD (ODV
DILUPDUDPTXHHVWDIRUPDGHRUJDQL]DomRLQIOXHQFLRXD IDPtOLDHHVWHp PDLVXPLQGtFLRGH
TXH D HIHWLYDomR GH SROtWLFDV S~EOLFDV GH (VWDGR JDUDQWLQGR XPD PDLRU HVWDELOLGDGH GRV
HPSUHHQGLPHQWRVVHULDEHQpILFDjSRSXODomRHQYROYLGDEHPFRPRFRQWHPSODULDRTXHYHP
VHQGR HVWXGDGR H FRPSURYDGR QD OLWHUDWXUD HP UHODomR DRV EHQHItFLRV TXH DV UHODo}HV
VROLGiULDVSRVVLELOLWDPjVSRSXODo}HVTXHDLQFRUSRUDP

6HDHFRQRPLDVROLGiULDSRGHFRQWULEXLUFRPJDQKRVVRFLDLVHFRQ{PLFRVHIDPLOLDUHV
R VHX IRUWDOHFLPHQWR HQWmR LQIOXHQFLDULD GLYHUVDV RXWUDV HVIHUDV FRP DV TXDLV R JRYHUQR
PXQLFLSDOGHYHVHSUHRFXSDUHSDUDDVTXDLVSRVVXLSURMHWRVHSURJUDPDVHODERUDGRV$VVLP
DVDo}HVHPHFRQRPLDVROLGiULDGHYHULDPLQFOXLUFDGDYH]PDLVDVIDPtOLDVGRVFRRSHUDGRV
DVVLP FRPR HVWi GHILQLGR QD &%2 TXH XPD GDV IXQo}HV GRV FDWDGRUHV p HQYROYHU VHXV
IDPLOLDUHVQDVVXDVDWLYLGDGHV,VVRSRGHULDVHUPDLVXPDFRQWULEXLomRSDUDRIRUWDOHFLPHQWR
GD HFRQRPLD VROLGiULD H GDV SROtWLFDV S~EOLFDV UHODFLRQDGDV D HOD SHOR IDWR GH TXH D
RUJDQL]DomR FRRSHUDWLYD VH PRVWURX FRP SRWHQFLDOLGDGHV GH LQIOXHQFLDU SRVLWLYDPHQWH D
GLQkPLFDIDPLOLDUGRVFDWDGRUHVUHIOHWLQGRDVVLPQDTXDOLGDGHGHYLGDGDIDPtOLD
3RUpPHVWDVDo}HVHVWmRGLUHWDPHQWHUHODFLRQDGDVjQHFHVVLGDGHGDUHJXODPHQWDomRGH
SROtWLFDVS~EOLFDVGH(VWDGRGHHFRQRPLDVROLGiULDSDUDTXHRVHPSUHHQGLPHQWRVSRVVDPWHU
XPD PDLRU VHJXUDQoD H HVWDELOLGDGH HP UHODomR SULQFLSDOPHQWH j TXHVWmR HFRQ{PLFD (VWDV
SROtWLFDVVmRSRWHQFLDLVSDUDFRQWULEXLUWUDQVYHUVDOPHQWHSDUDDJHUDomRGHHPSUHJRHUHQGDH
FRP SURMHWRV GH IRUWDOHFLPHQWR IDPLOLDU LQFOXVmR VRFLDO HUUDGLFDomR GD SREUH]D GHQWUH
RXWURV
(VWDVVXJHVW}HVFRQWULEXHPFRPR~OWLPRREMHWLYRSURSRVWRHODERUDUSDUkPHWURVSDUD
HVWLPXODUDFRQVWUXomRGHSROtWLFDVS~EOLFDVYROWDGDVjSRSXODomRHQYROYLGDQDSHVTXLVD
&RPRDGLQkPLFDIDPLOLDUSDVVRXDRFRUUHUGHIRUPDPDLVKDUPRQLRVDFRPDGLYLVmR
GRVWUDEDOKRVGRPpVWLFRVHQWUHRVPHPEURVGDIDPtOLDSHODPDLRUWROHUkQFLDHPVLWXDo}HVGH
GLILFXOGDGHHSHODDEHUWXUDGRGLiORJRHHVVDVPXGDQoDVSXGHUDPVHUUHODFLRQDGDVjIRUPDGH
RUJDQL]DomR FRRSHUDWLYD KDYHQGR IDODV TXH LQGLFDUDP LVVR GLUHWDPHQWH FRQVLGHUDVH TXH R
REMHWLYR JHUDO ³,QYHVWLJDU DV LQIOXrQFLDV GDV UHODo}HV GH WUDEDOKR HFRQ{PLFRVROLGiULDV QD
GLQkPLFDIDPLOLDUGRVFDWDGRUHVÍRLUHVSRQGLGRHDKLSyWHVHGHTXHKDYHULDXPDLQIOXrQFLD
IRLFRQILUPDGD
2 PpWRGR H DV WpFQLFDV XWLOL]DGRV VHQGR FRPSDWtYHLV FRP RV REMHWLYRV SURSRVWRV
QHVVH WUDEDOKR H HILFD]HV HP SRVVLELOLWDU RV DWLQJLU SHUPLWLUDP WDPEpP DSUR[LPDU D
SRSXODomR GD SURGXomR FLHQWtILFD FRQWULEXLQGR DVVLP FRPR XPD IHUUDPHQWD SDUD R
GHVHQYROYLPHQWRGHSHVTXLVDVQRFDPSR&76(VVDHIHWLYLGDGHGRPpWRGRHGDVWpFQLFDVVH
GHYH DR IDWR GH TXH DWUDYpV GHOHV IRL SRVVtYHO FRQKHFHU WDQWR R FRWLGLDQR GH WUDEDOKR H DV
UHODo}HVHVWDEHOHFLGDVQHVVHDPELHQWHTXDQWRRHVSDoRGDVIDPtOLDVHVXDVLPSUHVV}HVVREUHR
WUDEDOKR HFRQ{PLFRVROLGiULR H VHXV SULQFtSLRV 3DUD LVVR D WRGR R PRPHQWR D RSLQLmR GRV
HQWUHYLVWDGRVIRLFRQVLGHUDGDEHPFRPRHOHVIRUDPHQYROYLGRVQDYDOLGDomRGRVGDGRVQmR
VHQGRGHVHQYROYLGDXPDSHVTXLVDPHUDPHQWHDSDUWLUGDYLVmRGRSHVTXLVDGRUREVHUYDGRUHGD
WHRULD (QTXDQWR XP FRPSURPLVVR ILUPDGR RV UHVXOWDGRV REWLGRV WDPEpP VHUmR GLVFXWLGRV

FRP RV VXMHLWRV D ILP GH FRQWULEXLU FRP R SURFHVVR GH DTXLVLomR GH FRQKHFLPHQWR GRV
FRRSHUDGRVHGHVXDVIDPtOLDV
$WXDOPHQWH WHPVH FRQKHFLPHQWR GH TXH D DUWLFXODomR SROtWLFD HQWUH FRRSHUDWLYD H
JRYHUQR PXQLFLSDO DYDQoRX YLVWR TXH D &223(59,'$ FRQVHJXLX D SURUURJDomR GH VHX
FRQYrQLR H FRQWLQXD SUHVWDQGR VHXV VHUYLoRV DR PXQLFtSLR HP SDUFHULD FRP R JRYHUQR
PXQLFLSDO +RXYH WDPEpP HOHLo}HV QR HPSUHHQGLPHQWR DFDUUHWDQGR HP PXGDQoDV QD
FRPSRVLomRGRVFRQVHOKRVHSURSLFLDQGRDOWHUDo}HVQDRUJDQL]DomRLQWHUQD
2VUHVXOWDGRVREWLGRVVmRYiOLGRVQRFRQWH[WRORFDOHPTXHHVWiLQVHULGDDFRRSHUDWLYD
FRQVLGHUDQGRVHDSRVVLELOLGDGHGHKDYHUDOWHUDo}HVQRVUHVXOWDGRVVHDSHVTXLVDIRUUHSOLFDGD
HPHPSUHHQGLPHQWRVGHRXWUDVORFDOLGDGHV3RUpPHODVHUYHGHSDUkPHWURGHRULHQWDomRSDUD
LQYHVWLJDo}HVGHQDWXUH]DVHPHOKDQWH
&RPRDGLQkPLFDIDPLOLDUSRGHUHIOHWLUHPGLYHUVRVDVSHFWRVLQFOXLQGRDTXDOLGDGHGH
YLGDHDVD~GHPHQWDOGRVPHPEURVGDVIDPtOLDVHGRVJUXSRVIDPLOLDUHVHRVUHVXOWDGRVGDV
HQWUHYLVWDV DQDOLVDGRV D SDUWLU GR FRQWH[WR HQFRQWUDGR QR WUDEDOKR GH FDPSR PRVWUDUDP
LQGtFLRV SRVLWLYRV VREUH D LQFRUSRUDomR GH SULQFtSLRV HFRQ{PLFRVROLGiULRV SHOD IDPtOLD
LQGLFDVH TXH HVWH FDPSR GH SHVTXLVD DLQGD SRVVXL ODFXQDV H YDULDGDV SRVVLELOLGDGHV GH VHU
H[SORUDGR

5()(5Ç1&,$6

$&, :KDW¶V D FRRS" 'LVSRQtYHO HP KWWSLFDFRRSIUQRGH! $FHVVR HP QRY

$*267,1+2 0 / 6$1&+(= 7 0 )DPtOLD FRQIOLWRV UHIOH[}HV H LQWHUYHQo}HV 6mR
3DXOR&DVDGR3VLFyORJR

$025,0 % 0 ) $5$Ò-2 + ( (FRQRPLD VROLGiULD QR %UDVLO 1RYDV )RUPDV GH
5HODomRGH7UDEDOKR",3($0HUFDGRGH7UDEDOKR1RWD7pFQLFD

$1*(/2 0 2 FRQWH[WR IDPLOLDU ,Q '8$57( <$2 ',2*2 0 - ( 2UJV
$WHQGLPHQWRGRPLFLOLDUXPHQIRTXHJHURQWROyJLFR6mR3DXOR$WKHQHXS

$1781(6 5 $GHXV DR WUDEDOKR" (QVDLR VREUH DV 0HWDPRUIRVHV H D &HQWUDOLGDGH GR
0XQGRGR7UDEDOKR&DPSLQDV&RUWH]

$5$Ò-2 + ( 6,/9$ ) $ % (FRQRPLD VROLGiULD 8P 1RYR 3DUDGLJPD GH 3ROtWLFD
3~EOLFD",3($0HUFDGRGH7UDEDOKR1RWD7pFQLFD

$5$Ò-2 - & & $ GLQkPLFD IDPLOLDU FRPR IDWRU SURPRWRU GH GLILFXOGDGHV GH
DSUHQGL]DJHPXPDDILUPDomRSRVVtYHO"'LVVHUWDomRGH0HVWUDGR8QLYHUVLGDGH&DWyOLFDGH
3HUQDPEXFR

%$5',1,$QiOLVHGHFRQWH~GR/LVERD(GLo}HV6HWHQWD

%$6726-$6/$2GLiORJRGDHGXFDomRFRPDWHFQRORJLD7HFQRORJLD ,QWHUDomR
&XULWLED

%$80*$57(102%UDVLOQD(UDGR&RQKHFLPHQWR3ROtWLFDVGHFLrQFLDHWHFQRORJLDH
GHVHQYROYLPHQWRVXVWHQWDGR7HVHGH'RXWRUDGR8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO

%$==2:$/,16,1*(11,YRQ3(5(,5$/7GR92TXHVmRHSDUDTXHVHUYHP
RVHVWXGRV&76 ,Q;;9,,,&RQJUHVVR%UDVLOHLURGH(GXFDomRHP(QJHQKDULD2XUR
3UHWR $QDLV HOHWU{QLFRV 2XUR 3UHWR 8)23 'LVSRQtYHO HP
KWWSZZZQHSHWXIVFEU$UWLJRV$UW&EJ&EJ
24XH6DR(3DUD4XH6HUYHP2V(VWXGRV&WVSGI!$FHVVRHPVHW

BBBBBB,QWURGXomRDRVHVWXGRV&76 &LrQFLD7HFQRORJLDH6RFLHGDGH &DGHUQRVGH,EHUR
$PpULFD0DGUL2UJDQL]DomRGRV(VWDGRV,EHURDPHULFDQRVSDUDD(GXFDomRD&LrQFLDHD
&XOWXUD

BBBBBB(GXFDomRHWHFQRORJLDHQIRTXHVSDUDRHQVLQRGHHQJHQKDULD)ORULDQySROLV(GGD
8)6&

%$==2 : $ &LrQFLD WHFQRORJLD H VRFLHGDGH H R FRQWH[WR GD HGXFDomR WHFQROyJLFD
)ORULDQySROLV(GGD8)6&

%285',(832VXVRVVRFLDLVGDFLrQFLD3RUXPDVRFLRORJLDFOtQLFDGRFDPSRFLHQWtILFR
5LRGH-DQHLUR5--RUJH=DKDU

%5$6,/ &RQVWLWXLomR GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO GH 'LVSRQtYHO HP
KWWSZZZSODQDOWRJRYEU!$FHVVRHPVHW

BBBBBB0LQLVWpULRGR7UDEDOKRH(PSUHJR6HFUHWDULD1DFLRQDOGH(FRQRPLD6ROLGiULD$WODV
GH(FRQRPLD6ROLGiULDQR%UDVLO%UDVtOLD')%UDVLO

BBBBBB0LQLVWpULRGR7UDEDOKRH(PSUHJR&ODVVLILFDomR%UDVLOHLUDGH2FXSDo}HV &%2
'LVSRQtYHOHPZZZPWHFERJRYEU!$FHVVRHPDJR

BBBBBB0LQLVWpULRGRPHLRDPELHQWH'HSDUWDPHQWRGH$PELHQWH8UEDQR$3UREOHPiWLFD
³5HVtGXRV 6yOLGRV´ 'LVSRQtYHO HP KWWSZZZPPDJRYEUFLGDGHV
VXVWHQWDYHLVUHVLGXRVVROLGRVSROLWLFDQDFLRQDOGHUHVLGXRVVROLGRVFRQWH[WRVHSULQFLSDLV
DVSHFWRV!$FHVVRHPIHY

BBBBBB 0LQLVWpULR GR 7UDEDOKR H (PSUHJR $V RULJHQV UHFHQWHV GD HFRQRPLD VROLGiULD
'LVSRQtYHOHPKWWSZZZPWHJRYEUHFRVROLGDULDHFRVROLGDULDBRULJHPDVS!$FHVVR
HPMDQ

&$0326 ( 3 6XSRUWH 6RFLDO H )DPtOLD ,Q 0(//2 ),/+2 - 2UJ 'RHQoD H IDPtOLD
6mR3DXOR&DVDGR3VLFyORJR

&$59$/+2 $ 0 5 &RRSHUDWLYD GH &DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV GH $VVLV ±
&22&$66,6(VSDoRGHWUDEDOKRHGHVRFLDELOLGDGHHVHXVGHVGREUDPHQWRVQDFRQVFLrQFLD
7HVHGHGRXWRUDGR,QVWLWXWRGH3VLFRORJLDGD8QLYHUVLGDGHGH6mR3DXOR6mR3DXOR

&$67(/5$VPHWDPRUIRVHVGDTXHVWmRVRFLDOXPDFU{QLFDGRVDOiULR3HWUySROLV9R]HV

&$6752 $ &ROHWD VHOHWLYD IXQFLRQD FRP SUHFDULHGDGH HP 6mR &DUORV . MDQ
'LVSRQtYHO HP ZZZSRUWDONFRPEU$UWLJRFLGDGHFROHWLYDVHOHWLYDIXQFLRQDFRP
SUHFDULHGDGHHPVDRFDUORV!$FHVVRHPMXQ

&(59(1<&02$IDPtOLDFRPRPRGHOR'HVFRQVWUXLQGRDSDWRORJLD&DPSLQDV63
/LYUR3OHQR

&/,48(7 ( 6,0®(6 0 6+,520$ 3 $5$Ò-2 $ *5$1'2 ) $ HGXFDomR
DPELHQWDOQRVLVWHPDGHFROHWDVHOHWLYDGHUHVtGXRVVyOLGRVQRPXQLFtSLRGH6mR&DUORV±
3URJUDPD )XWXUR /LPSR 'LVSRQtYHO HP KWWSZZZVDRFDUORVVSJRYEU! $FHVVR
HPGH]

&25'(,52/)&RRSHUDGRVDEDQGRQDP&RRSHUYLGDHP6mR&DUORV-RUQDO3ULPHLUD
3iJLQD 6mR &DUORV MDQ 'LVSRQtYHO HP
ZZZMRUQDOSSFRPEUFLGDGHVLWHPFRRSHUDGRVDEDQGRQDPFRRSHUYLGDHPVmR
FDUORV!$FHVVRHPMXQ

&255(,$09&4XHFRQWUROHVRFLDORVFRQVHOKRVGHVD~GHFRPRLQVWUXPHQWR5LRGH
-DQHLUR)LRFUX]

BBBBBB&RQWUROHVRFLDO,Q3(5(,5$,%/,0$-&) 2UJV 'LFLRQiULRGDHGXFDomR

SURILVVLRQDOHPVD~GH5LRGH-DQHLUR(36-9

&5$929/=.5$(0(50&&DWDU3DSHOWUDEDOKRQHFHVViULR"&XULWLED%ROHWLPGR
,QVWLWXWR+LVWyULFR*HRJUiILFRH(WQRJUiILFR3DUDQDHQVHYRO;/

&58=$$GLIHUHQoDGDLJXDOGDGHDGLQkPLFDGDHFRQRPLDVROLGiULDHPTXDWURFLGDGHV
GR0HUFRVXO7HVHGHGRXWRUDGRHP(FRQRPLD8QLFDPS&DPSLQDV63

&58=628=$)HWDO/DVLQFXEDGRUDVXQLYHUVLWDULDVGHHFRQRPLDVROLGDULDHP%UDVLOXP
HVWXGLR GH FDVRV ,Q &RQJUHVVR GD 5HGH 8QLYHUVLWiULD (XURODWLQD $PHULFDQD HP (VWXGRV
&RRSHUDWLYRVHGH(FRQRPLD6ROLGiULD*UDQDGD(VSDQKD$QDLV*UDQDGD(VSDQKD
S

'$*1,125$WHFQRORJLDVRFLDOHVHXVGHVDILRV,Q7HFQRORJLDVRFLDOXPDHVWUDWpJLDSDUD
RGHVHQYROYLPHQWR5LRGH-DQHLUR)XQGDomR%DQFRGR%UDVLO

BBBBBB$FRQVWUXomRGR(VSDoR,EHURDPHULFDQRGR&RQKHFLPHQWRRVHVWXGRVVREUHFLrQFLD
WHFQRORJLDHVRFLHGDGHHDSROtWLFDFLHQWtILFDHWHFQROyJLFD5HYLEHURDPFLHQFWHFQROVRF
&LXGDG $XWyQRPD GH %XHQRV $LUHV Y Q 'LVSRQtYHO HP
KWWSZZZVFLHORRUJDUVFLHORSKS"VFULSW VFLBDUWWH[W SLG 6
OQJ HV QUP LVR!$FHVVRHPMXQ

'$*1,125%5$1'2)&129$(6+76REUHR PDUFR DQDOtWLFRFRQFHLWXDOGD
WHFQRORJLD VRFLDO ,Q 7HFQRORJLD VRFLDO XPD HVWUDWpJLD SDUD R GHVHQYROYLPHQWR )XQGDomR
%DQFRGR%UDVLO5LRGH-DQHLUR

BBBBBB 6REUH R PDUFR DQDOtWLFRFRQFHLWXDO GD WHFQRORJLD VRFLDO ,Q '$*1,12 5 2UJ
7HFQRORJLD6RFLDO)HUUDPHQWDSDUDFRQVWUXLURXWUDVRFLHGDGH&DPSLQDV.RPHGLS

'$/0$*520/3&287,1+20&2VVHQWLGRVGRWUDEDOKRSDUDVXMHLWRVLQVHULGRV
HPHPSUHHQGLPHQWRVVROLGiULRV3VLFRO(VWXG0DULQJiYQGH]'LVSRQtYHO
HPKWWSZZZVFLHOREUSGISHYQYQDSGI!$FHVVRHPVHW

'$/ 5, 1 0 2UJDQL]Do}HV GH WUDEDOKR DVVRFLDGR H JHVWmR GHPRFUiWLFD XPD QRYD
WHFQRORJLDVRFLDO",Q9,/$57$5HWDO 2UJV 4XDOLGDGHGHYLGDHQRYDVWHFQRORJLDV
&DPSLQDV ,3(6 (GLWRULDO Y 'LVSRQtYHO HP
KWWSZZZIHIXQLFDPSEUGHSDUWDPHQWRVGHDIDTYDIOLYURVIRUXQVBLQWHUGLVFLSOLQDUHVBVDXGH
WHFQRORJLDWHFQRORJLDBFDSSGI!$FHVVRHP

',$65GH%$SROtWLFDFLHQWtILFDHWHFQROyJLFDODWLQRDPHULFDQDUHODo}HVHQWUHHQIRTXHV
WHyULFRV H SURMHWRV SROtWLFDV 'LVVHUWDomR GH PHVWUDGR 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV
&DPSLQDV63

',&.621'7HFQRORJtDDOWHUQDWLYD\SROtWLFDVGHOFDPELRWHFQROyJLFR0DGULG%OXPH
(GLFLRQHV

BBBBBB7KHQHZSROLWLFVRIVFLHQFH&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV

'8%$5 & $ VRFLDOL]DomR FRQVWUXomR GDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV 7UDGXomR

$QHWWH3LHUUHWWH5%RWHOKRH(VWHOD3LQWR5/DPDV3RUWXJDO3RUWRHGLWRUD

)%(6)yUXP%UDVLOHLURGH(FRQRPLD6ROLGiULD2)yUXP%UDVLOHLURGHHFRQRPLDVROLGiULD
)%(6 'LVSRQtYHO HP
KWWSZZZIEHVRUJEULQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG ,WHPLG !
$FHVVRHPMDQ

)((1%(5*$2TXHpDILORVRILDGDWHFQRORJLD",Q1('(557 2UJ 5DFLRQDOL]DomR
VXEYHUVLYDWHFQRORJLDSRGHUHGHPRFUDFLD&ROHWkQHDGH)LORVRILDGD7HFQRORJLD

)e5(6&$51(,527)DPtOLDH6D~GH0HQWDO3VLFRORJLD7HRULDH3HVTXLVDYROQ

)(51$1'(6$7'LQkPLFDVIDPLOLDUHVQRPXQGRDFWXDOKDUPRQLDVHFRQIOLWRV$QiQVH
VRGDOYROS

)(55(,5$('LQkPLFDVGHDSURSULDomRGRFRQKHFLPHQWRSRUIDPtOLDVGHFDWDGRUHVGH
PDWHULDO UHFLFOiYHO SROtWLFDV S~EOLFDV SURMHWRV H WHFQRORJLDV VRFLDLV 'LVVHUWDomR GH
0HVWUDGR8QLYHUVLGDGH7HFQROyJLFD)HGHUDOGR3DUDQi&XULWLED

)5$1d$ /0 &RRSHUDWLYDVGHFDWDGRUHVH SDUFHULDVFRPJHVWRUHVS~EOLFRVDVSHFWRV
SURPRWRUHV GH DXWRQRPLD 'LVVHUWDomR GH PHVWUDGR 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV

)5$1&(6&+,1, * $XWRJHVWmR H WHFQRORJLD HP XPD FRRSHUDWLYD GH FDWDGRUHVDV GH
UHVtGXRV XPD DQiOLVH LQWHUVXEMHWLYD VRE D yWLFD GR FDPSR FLrQFLD WHFQRORJLD H VRFLHGDGH
'LVVHUWDomRGHPHVWUDGR6mR&DUORV8)6&DU

)5$1&2 7 % 0$*$/+(6 -5 $WHQomR 6HFXQGiULD H D 2UJDQL]DomR GDV /LQKDV GH
&XLGDGR ,Q 0(5+< HW DO 2 7UDEDOKR HP 6D~GH ROKDQGR H H[SHULHQFLDQGR R 686 QR
FRWLGLDQR6mR3DXOR+LFLWHF

)5(,7$6 0 9 2 1(9(6 0 $ &LGDGH H WUDEDOKR DV H[SHULrQFLDV GRV FDWDGRUHV GH
SDSHOHP%HOR+RUL]RQWH,Q&5,9(//$5,+07.(039+ 2UJV &DWDGRUHVGD
FHQD XUEDQD FRQVWUXomR GH SROtWLFDV VRFLRDPELHQWDLV %HOR +RUL]RQWH $XWrQWLFD HGLWRUD
S

*$,*(5/,$VHPDQFLSDo}HVQRSUHVHQWHHQRIXWXUR,Q*$,*(5/, 2UJ 6HQWLGRV
HH[SHULrQFLDVGDHFRQRPLDVROLGiULDQR%UDVLO3RUWR$OHJUH8)5*6S

*,/$&&RPRHODERUDUSURMHWRVGHSHVTXLVD6mR3DXOR$WODV

*21&$/9(6 5 & /,6%2$ 7 . 6REUH R PpWRGR GD KLVWyULD RUDO HP VXD PRGDOLGDGH
WUDMHWyULDV GH YLGD 5HY .DWiO\VLV )ORULDQySROLV Y Q HVS 'LVSRQtYHO HP
KWWSZZZVFLHOREUSGIUNYQVSHDVSHSGI!$FHVVRHPVHW

*2/'55ROHVLQ6RFLRORJLFDO)LOHGREVHUYDWLRQ6RFLDO)RUFHVYROQS

*2/'(1%(5*0$DUWHGHSHVTXLVDU5LRGH-DQHLUR5HFRUG

*5,0%(5* ( 2UJ &ROHWD 6HOHWLYD FRP LQFOXVmR VRFLDO )yUXP /L[R H &LGDGDQLD GH
6mR3DXOR([SHULrQFLDVHGHVDILRV6mR3DXOR,QVWLWXWR3ROLV

*8,0$5(65/LYUR9HUGHHDVQRYDVLQVWLWXLo}HV-RUQDOGD&LrQFLD5LRGH-DQHLURQ

*87,(55(=5)=$1,10$UHODomRHQWUHWHFQRORJLDVVRFLDLVHHFRQRPLDVROLGiULDXP
HVWXGR GH FDVR HP XPD FRRSHUDWLYD GH FDWDGRUHV GH UHVtGXRV 5HYLVWD %UDVLOHLUD GH
'HVHQYROYLPHQWR5HJLRQDOYS

+,5,$57000&RRSHUDWLYLVPR3ULPHLURV3DVVRV6(%5$(63±6HUYLoRGH$SRLRjV
0LFURH3HTXHQDV(PSUHVDVGH6mR3DXOR

,3($ ,QVWLWXWR GH 3HVTXLVD (FRQ{PLFD $SOLFDGD %UDVLO FROHWD PLO WRQHODGDV GH
UHVtGXRVVyOLGRVGLD

,76,QVWLWXWRGH7HFQRORJLD6RFLDO&DGHUQRGHGHEDWH7HFQRORJLD6RFLDOQR%UDVLO'LUHLWR
j &LGDGDQLD H &LrQFLD SDUD D &LGDGDQLD 6mR 3DXOR 63 ,76 'LVSRQtYHO HP
KWWSLWVEUDVLORUJEUSXEOLFDFRHVFDGHUQRFDGHUQRGHGHEDWHWHFQRORJLDVRFLDOQREUDVLO!
$FHVVRHPMXQ

BBBBBB3DUDHQWHQGHUDWHFQRORJLDVRFLDOXPDYLDJHPSHOR%UDVLO6mR3DXOR,76

-,0e1(=277$/(1*2 5 //(5*2 $ 7 / (GXFDFLyQ DXWRQRPLD \ RUGHP HP OD
VRFLHGDGPH[LFDQD,Q6$17260-3HUVSHFWLYDV\GHVDItRVGHODHGXFDFLyQODFLHQFLD
\ OD WHFQRORJtD 0p[LFR ,QVWLWXWR GH ,QYHVWLJDFLRQHV 6RFLDOHV 8QLYHUVLGDG 1DFLRQDO
$XWyQRPDGH0p[LFR

/$1* $ % 6 * +LVWyULD RUDO SURFHGLPHQWRV H SRVVLELOLGDGHV ,Q /$1* $ % 6 *
2UJ 'HVDILRVGDSHVTXLVDHPFLrQFLDVVRFLDLV6mR3DXOR&(58Q

/$7285 % &LrQFLD HP DomR FRPR VHJXLU GHQWLVWDV H HQJHQKHLURV VRFLHGDGH DIRUD
7UDGXomR,YRQH&%HQHGHWWL5HYLVmRGH7UDGXomR-HVXVGH3DXWD$VVLV6mR3DXOR(GLWRUD
81(63

/$9,//(-/*$,*(5/,(FRQRPLD6ROLGiULD,Q&$77$1,$'/$9,//(-/
*$,*(5 / , +(63$1+$ 3 2UJV 'LFLRQiULR ,QWHUQDFLRQDO GD 2XWUD (FRQRPLD
&RLPEUD(GLo}HV$OPHGLQD6mR3DXOR$OPHGLQD%UDVLO

/,0$%&%XVFDQGRFRPSUHHQGHUDUHODomRHQWUHWUDEDOKRFRRSHUDGRIDPtOLDVD~GH
VD~GH PHQWDO H TXDOLGDGH GH YLGD HP XP HPSUHHQGLPHQWR HFRQ{PLFR VROLGiULR GH
FDWDGRUHVGHUHVtGXRV5HODWyULR3,%,7,±&13T8)6&DU±6HOHomR

/,16,1*(1 , YRQ 2 HQIRTXH &76 H D HGXFDomR WHFQROyJLFD RULJHQV UD]}HV H
FRQYHUJrQFLDV FXUULFXODUHV ;, &RQJUHVR &KLOHQR GH ,QJHQLHUtD 0HFkQLFD &2&,0
$QWRIDJDVWD Y 'LVSRQtYHO HP
KWWSZZZQHSHWXIVFEU$UWLJRV7H[WR&76H(GXF7HFSGI! $FHVVR HP VHW

/2*$5(==, $ (GXFDomR $PELHQWDO HP UHVtGXR XPD SURSRVWD GH WHUPLQRORJLD ,Q
&,148(77,+&6/2*$5(==,$ 2UJ &RQVXPRH5HVtGXR)XQGDPHQWRVSDUD
R WUDEDOKR HGXFDWLYR6mR &DUORV (G8)6&DU 'LVSRQtYHO HP
KWWSZZZXIVFDUEUFRQVXVRODUTXLYRVXPDBSURSRVWDBGHBWHUPLQRORJLDSGI! $FHVVR HP
MXO

/23(=&(5(=2 - &LHQFLD WHFQRORJtD \ VRFLHGDG HO HVWDGR GH OD FXHVWLyQ HQ (XURSD \
(VWDGRV8QLGRV5HYLVWD,EHURDPHULFDQDGH(GXFDFLyQQ

/h'.( 0 $1'5e 0 ( ' $ 3HVTXLVD HP (GXFDomR DERUGDJHQV TXDOLWDWLYDV 6mR
3DXOR(38

0$548(6 . &ROHWD 6HOHWLYD HVWi FRP VHUYLoR FRPSURPHWLGR HP 6mR &DUORV -RUQDO
3ULPHLUD 3iJLQD 6mR &DUORV PDL 'LVSRQtYHO HP
ZZZMRUQDOSSFRPEUFLGDGHVLWHPFROHWDVHOHWLYDHVWiFRPVHUYLoRFRPSURPHWLGR
HPVmRFDUORV!$FHVVRHPMXQ

0$57,16 ) 625%,//( 5 2 SURFHVVR GH XQLILFDomR GDV FRRSHUDWLYDV GH FDWDGRUHV GH
UHVtGXRVUHFLFOiYHLVGH6mR&DUORVHGHUHIRUPXODomRGRPRGHORGHFRQWUDWRSDFWXDGRHQWUHD
FRRSHUDWLYD H D SUHIHLWXUD PXQLFLSDO GH 6mR &DUORV 63 ,Q =$1,1 0 *87,(55(= 5
2UJ &RRSHUDWLYDVGH&DWDGRUHV5HIOH[}HVH3UiWLFDV6mR&DUORV(GLWRUD&ODUDOX]

0(,+< - & 6 % &DQWR GH PRUWH NDLRZi KLVWyULD RUDO GH YLGD 6mR 3DXOR /R\ROD

BBBBBB0DQXDOGH+LVWyULD2UDO6mR3DXOR/R\ROD

0(5+<(((PEXVFDGRWHPSRSHUGLGRDPLFURSROtWLFDGRWUDEDOKRYLYRHPVD~GH,Q
0(5+< ( ( 212&.2 5 3Ui[LV HP VDOXG XP GHVDItR SDUD OR S~EOLFR 6mR 3DXOR
+XFLWHF

BBBBBB6D~GH$&DUWRJUDILDGR7UDEDOKR9LYR6mR3DXOR+XFLWHF

BBBBBB 8P GRV *UDQGHV 'HVDILRV SDUD RV *HVWRUHV GR 686 DSRVWDU HP QRYRV PRGRV GH
IDEULFDU RV PRGHORV GH DWHQomR ,Q 0(5+< HW DO 2 7UDEDOKR HP 6D~GH ROKDQGR H
H[SHULHQFLDQGRR686QRFRWLGLDQR6mR3DXOR+XFLWHF

0(5+<(()5$1&27%3RUXPDFRPSRVLomRWpFQLFDGRWUDEDOKRHPVD~GHFHQWUDGD
QR FDPSR UHODFLRQDO H QDV WHFQRORJLDV OHYHV DSRQWDQGR PXGDQoDV SDUD RV PRGHORV WHFQR
DVVLVWHQFLDLV6D~GH'HEDWHYROQ

0(==$&$33$ * * =$1,1 0 8PD UHYLVmR KLVWyULFRFRQFHLWXDO VREUH D WHFQRORJLD
VRFLDO ,Q +2))0$11 : $ 0 0,27(/2 9 3('52 : - $ 2UJV 7HFHQGR D
LQWHUGLVFLSOLQDULGDGHQRFDPSR&766mR&DUORV3HGUR -RmR(GLWRUHV

0,1$<20&GH6 2UJ 3HVTXLVDTXDOLWDWLYDHP&LrQFLDV6RFLDLV6mR3DXOR&RUWH]

BBBBBB&LrQFLDWpFQLFDHDUWHRGHVDILRGDSHVTXLVDVRFLDO,Q0,1$<20&6 2UJ
3HVTXLVDVRFLDOWHRULDPpWRGRHFULDWLYLGDGH3HWUySROLV5-9R]HV

BBBBBB 2 GHVDILR GR FRQKHFLPHQWR SHVTXLVD TXDOLWDWLYD HP VD~GH 6mR 3DXOR +XFLWHF
S

0,18&+,1 6 ),6+0$1 + & 7pFQLFDV GH WHUDSLD IDPLOLDU 3RUWR $OHJUH $UWHV
0pGLFDV

01&5 0RYLPHQWR 1DFLRQDO GRV &DWDGRUHV GH 0DWHULDLV 5HFLFOiYHLV &DUWLOKD GH
IRUPDomR 'LVSRQtYHO HP KWWSZZZPQFURUJEUER[BIRUPDFDRH
FRQMXQWXUDFDWDGRUHVFDUWLOKDZHESGIYLHZ!$FHVVRHPRXW

BBBBBB +LVWyULD GR 01&5 D 'LVSRQtYHO HP KWWSZZZPQFURUJEUER[BVXD
KLVWRULD!$FHVVRHPGH]

BBBBBB 2UJDQRJUDPD E 'LVSRQtYHO HP KWWSZZZPQFURUJEUER[BHVWUXWXUDV
UHJLRQDLV!$FHVVRHPGH]

BBBBBB2TXHpR01&5'LVSRQtYHOHPKWWSZZZPQFURUJEUER[BRTXHHR
PRYLPHQWR!$FHVVRHPMDQ

027+e ' $XWRJHVWmR ,Q &$77$1, $ ' /$9,//( -/ *$,*(5 / ,
+(63$1+$3 2UJV 'LFLRQiULR,QWHUQDFLRQDOGD2XWUD(FRQRPLD&RLPEUD(GLo}HV
$OPHGLQD6mR3DXOR$OPHGLQD%UDVLO

1(*5(,526 7 & GH * 0 )e5(6&$51(,52 7 0DVFXOLQR H IHPLQLQR QD IDPLOLD
FRQWHPSRQHD(VWXGRVH3HVTXLVDVHP3VLFRORJLD8(5-5-DQRQ

129$(6 +HQULTXH ',$6 5DIDHO &RQWULEXLo}HV DR PDUFRDQDOtWLFR FRQFHLWXDO GD
WHFQRORJLDVRFLDO,Q'$*1,12537HFQRORJLDVVRFLDLVIHUUDPHQWDSDUDFRQVWUXLURXWUD
VRFLHGDGH&DPSLQDV8QLFDPS

2/,9(,5$ 0 & 6 % =$1,1 0 (FRQRPLD VROLGiULD XPD WHPiWLFD HP HYROXomR QDV
GLVVHUWDo}HVHWHVHVEUDVLOHLUDV5HYLVWD%UDVLOHLUDGH&LrQFLD7HFQRORJLDH6RFLHGDGHYRO
Q 'LVSRQtYHO HP
KWWSZZZUHYLVWDEUDVLOHLUDGHFWVXIVFDUEULQGH[SKSFWVDUWLFOHYLHZ)LOH! $FHVVR
HPMXQ

2/,9(,5$ 3 : 6 &RQVWUXomR GH LGHQWLGDGHV SURILVVLRQDLV GD IRUPDomR SURILVVLRQDO j
YLYrQFLDGDLQVHUomRQRPHUFDGRGHWUDEDOKR5HYLVWD/$%25YQ

3(5(,5$$&/&$59$/+2$05/$'(,$&5&tUFXORGH&XOWXUDXP(VSDoR
GH (GXFDomR QD &RRSHUDWLYD ,Q &257(*262 $/ /8&$6 0 * 2UJ 3VLFRORJLD H
(FRQRPLD6ROLGiULD,QWHUIDFHVH3HUVSHFWLYDV6mR3DXOR&DVDGR3VLFyORJR

3,1+(/-5=$1,100Ð1$&2*GHO&DWDGRUGH5HVtGXRV5HFLFOiYHLVXPSHUILO
SURILVVLRQDO HP FRQVWUXomR ,Q =$1,1 0 *87,(55(= 5 ) 2UJ &RRSHUDWLYDV GH
FDWDGRUHV UHIOH[}HV VREUH SUiWLFDV 6mR &DUORV &ODUDOX] S 'LVSRQtYHO HP
ZZZHGLWRUDFODUDOX]FRPEUXSORDGSURGXWRFDGIIDGEESGI!
$FHVVRHPVHW

32&+0$1103ROtWLFDVGHFRPEDWHjSREUH]DQR%UDVLOQHFHVVLGDGHVHGLILFXOGDGHVQRV
DQRV 5HY ,QGLFDGRUHV (FRQ{PLFRV )(( Y Q S 'LVSRQtYHO HP
KWWSUHYLVWDVIHHWFKHEULQGH[SKSLQGLFDGRUHVDUWLFOHGRZQORDG! $FHVVR HP
MXO

BBBBBB2HPSUHJRQDJOREDOL]DomRDQRYDGLYLVmRLQWHUQDFLRQDOGRWUDEDOKRHRVFDPLQKRV
TXHR%UDVLOHVFROKHX6mR3DXOR%RLWHPSR(GLWRULDO

32/,6,QVWLWXWRGH(VWXGRV)RUPDomRH$VVHVVRULDHP3ROtWLFDV6RFLDLV&ROHWD6HOHWLYDGH
/L[R5HFLFODQGRPDWHULDLVUHFLFODQGRYDORUHV6mR3DXOR3XEOLFDomR3ROLVQ

3h6&+(// 9 $ 5 ,'( & $ & &+$9(6 ( & 0RGHORV FOtQLFRV H SVLFRVVRFLDO GH
DWHQomR DR LQGLYtGXR H j IDPtOLD QD DVVLVWrQFLD GRPLFLOLDU EDVHV FRQFHLWXDLV 5HY (VF
(QIHUP863YROQ

48(,52= ' 7 HW DO 2EVHUYDomR SDUWLFLSDQWH QD 3HVTXLVD TXDOLWDWLYD FRQFHLWRV H
$SOLFDo}HVQDiUHDGDVD~GH5(QIHUP8(5-5LRGH-DQHLURYQ

5,*277250$VWpFQLFDVGHUHODWRVRUDLVHRHVWXGRGDVUHSUHVHQWDo}HVVRFLDLVHPVD~GH
&LrQF6D~GH&ROHW5LRGH-DQHLURYQ

52'5,*8(6 , %$5%,(5, - & $ HPHUJrQFLD GD WHFQRORJLD VRFLDO UHYLVLWDQGR R
PRYLPHQWR GD WHFQRORJLD DSURSULDGD FRPR HVWUDWpJLD GH GHVHQYROYLPHQWR VXVWHQWiYHO
5HYLVWDGH$GPLQLVWUDomR3~EOLFD5LRGH-DQHLURYQ

576 5HGH GH 7HFQRORJLD 6RFLDO 'HVFULomR GD WHFQRORJLD VRFLDO LQFXEDomR H DSRLR D
HPSUHHQGLPHQWRV VROLGiULRV 'LVSRQtYHO HP
KWWSZZZUWVRUJEUELEOLRWHFDUWVUHODWRULRV
WVBGHVFULFDRBLQFXEDFDRBDSRLRBHPSUHHQGLPHQWRVBVROLGDULRVSGI! $FHVVR HP GH IHY

6$17¶$11$90&LrQFLDH6RFLHGDGHQR%UDVLO6mR3DXOR6tPEROR

62&$5/263UHIHLWXUD0XQLFLSDOGH6mR&DUORV$HFRQRPLDVROLGiULDHRSURJUDPDGH
IRPHQWR j HFRQRPLD VROLGiULD 'LVSRQtYHO HP KWWSZZZVDRFDUORVVSJRYEU! $FHVVR
HPQRY

6&+,2&+(7:3ROtWLFDV3~EOLFDV,Q&$77$1,$'/$9,//(-/*$,*(5/,
+(63$1+$3 2UJV 'LFLRQiULR,QWHUQDFLRQDOGD2XWUD(FRQRPLD&RLPEUD(GLo}HV
$OPHGLQD6mR3DXOR$OPHGLQD%UDVLO

6&+:$57=0$16&LrQFLDXQLYHUVLGDGHHLGHRORJLD5LRGH-DQHLUR&HQWUR(GHOVWHLQ
GH 3HVTXLVDV 6RFLDLV 'LVSRQtYHO HP
KWWSZZZVFKZDUW]PDQRUJEUVLPRQSROFRQSGI!$FHVVRHPVHW

6(,;$605'¶$6RFLRGUDPDIDPLOLDUVLVWrPLFR6mR3DXOR$OHSK

6(9(5,12$-0HWRGRORJLDGRWUDEDOKRFLHQWtILFR6mR3DXOR&RUWH]

6,(66LVWHPDQDFLRQDOGHLQIRUPDo}HVHPHFRQRPLDVROLGiULD%ROHWLPLQIRUPDWLYR(GLomR
HVSHFLDO 6(1$(607( 'LVSRQtYHO HP
KWWSSRUWDOPWHJRYEUGDWDILOHV$&$)$%%&(&$FRQWHFH
6(1$(6QHGHVSHUFLDOSGI!$FHVVRHPGH]

6,/9$ ' & $/9,0 1 $ 7 ),*8(,5('2 3 $ 7HFQRORJLDV OHYHV H FXLGDGR HP
HQIHUPDJHP(VFROD$QQD1HU\5HY(QIHUPYROQ

6,/9$ * * $ (*<',2 0 9 5 0 628=$ 0 & $OJXPDV FRQVLGHUDo}HV VREUH
FRQWUROHVRFLDOQR686XVXiULRVRXFRQVXPLGRUHV"6D~GH'HEDWHYROQ

6,/9$5HWDO7HFQRORJLD6RFLDOXPDYLQFXODomRHQWUHSROtWLFDFLHQWtILFDHWHFQROyJLFDH
SROtWLFDV GH LQFOXVmR VRFLDO ,Q 6LPSyVLR 1DFLRQDO GH 7HFQRORJLD H 6RFLHGDGH &XULWLED
87)3533*7(

6,1*(5 3 (FRQRPLD 6ROLGiULD JHUDomR GH UHQGD H DOWHUQDWLYD DR OLEHUDOLVPR ,Q 5HYLVWD
3URSRVWDQ63)$6(

BBBBBB*OREDOL]DomRHGHVHPSUHJR6mR3DXOR&RQWH[WR

BBBBBB $ UHFHQWH UHVVXUUHLomR GD HFRQRPLD VROLGiULD QR %UDVLO ,Q 6$1726 % 6 2UJ
3URGX]LU SDUD YLYHU RV FDPLQKRV GD SURGXomR QmR FDSLWDOLVWD 5LR GH MDQHLUR &LYLOL]DomR
%UDVLOHLUDD

BBBBBB ,QWURGXomR j (FRQRPLD 6ROLGiULD 6mR 3DXOR (GLWRUD )XQGDomR 3HUVHX $EUDPR
E

628=$ $ 5 HW DO (FRQRPLD VROLGiULD QR %UDVLO D DXWRJHVWmR FRPR UHVSRVWD DR
GHVHPSUHJR6mR3DXOR&RQWH[WR

628=$ & (VWDGR GD $UWH GD 3HVTXLVD HP 3ROtWLFDV 3~EOLFDV ,Q +2&+0$1 *
$55(7&+( 0 0$548(6 ( 2UJV 3ROtWLFDV 3~EOLFDV QR %UDVLO 5LR GH -DQHLUR
(GLWRUD),2&58=

7$5$1'$&+(5'LDJQyVWLFRSVLFRVVRFLDOGDIDPtOLD3HWUySROLV9R]HV

9$&&$5(==$/6&LrQFLD7HFQRORJLD\VRFLHGDGHOHVWDGRGH/DFXHVWLyQHP$PpULFD
/DWLQD 5HYLVWD ,EHURDPHULFDQD GH (GXFDFLyQ Q 'LVSRQtYHO HP
KWWSZZZULHRHLRUJRHLYLUWULHDKWP!$FHVVRHPGH]

9$648(60(1(=(6 , &2'2 : 0('(,526 / 2 FRQIOLWR HQWUH R WUDEDOKR H D
IDPtOLD H R VRIULPHQWR SVtTXLFR ,Q &2'2 : 2UJ (GXFDomRFDULQKR H WUDEDOKR
3HWUySROLV9R]HV%UDVtOLD(GGD8Q%

9(/+2 / &RQFHLWRV GH FLrQFLD H D SROtWLFD FLHQWtILFD WHFQROyJLFD H GH LQRYDomR
6RFLRORJLDV Y Q 'LVSRQtYHO HP
KWWSZZZVFLHOREUSGIVRFYQSGI!$FHVVRHPVHW

9(521(6( 0 9 (67(9(6 ( * ,GHQWLGDGH ,Q &$77$1, $ ' /$9,//( -/
*$,*(5 / , +(63$1+$ 3 2UJV 'LFLRQiULR ,QWHUQDFLRQDO GD 2XWUD (FRQRPLD
&RLPEUD(GLo}HV$OPHGLQD6mR3DXOR$OPHGLQD%UDVLO

=$1,105HODWyULRGHSHVTXLVDHP3ROtWLFDV3~EOLFDV±)$6( ,,3URFHVVR)$3(63QR
,,, 5HODWyULR GH 3URJUHVVR 5HODWyULR )LQDO 3URSRVLomR GH GLUHWUL]HV SDUD
SROtWLFDV S~EOLFDV HP (FRQRPLD 6ROLGiULD FRPR FRQGLomR SDUD GHVHQYROYLPHQWR GH
WHUULWyULRXUEDQRFDVR-DUGLQV*RQ]DJDH0RQWH&DUOR±6mR&DUORV±636mR&DUORV63

=$1,1 0 HW DO 3DUFHULD HQWUH 8QLYHUVLGDGH H *HVWRU 3~EOLFR 0XQLFLSDO SDUD IRPHQWDU D
(FRQRPLD 6ROLGiULD H DPSOLDU DV DWLYLGDGHV GD &RRSHUDWLYD GH &DWDGRUHV GH 6mR &DUORV63
,Q =$1,1 0 *87,(55(= 5 ) 2UJ &RRSHUDWLYDV GH FDWDGRUHV UHIOH[}HV VREUH
SUiWLFDV 6mR &DUORV &ODUDOX] S 'LVSRQtYHO HP
KWWSZZZHGLWRUDFODUDOX]FRPEUXSORDGSURGXWRFDGIIDGEESG
I!$FHVVRHPDEU

)20(172

$JUDGHoR R DSRLR GD )$3(63 SHOR IRPHQWR TXH SRVVLELOLWRX D UHDOL]DomR GHVVD
SHVTXLVD3URFHVVRQ)XQGDomRGH$PSDURj3HVTXLVDGR(VWDGRGH6mR3DXOR
)$3(63 $V RSLQL}HV KLSyWHVHV H FRQFOXV}HV RX UHFRPHQGDo}HV H[SUHVVDV QHVWH PDWHULDO
VmRGHUHVSRQVDELOLGDGHGDDXWRUDHQmRQHFHVVDULDPHQWHUHIOHWHPDYLVmRGD)$3(63
$JUDGHoRWDPEpPRIRPHQWRLQLFLDOGD&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDO
GH1tYHO6XSHULRU &$3(6

$3Ç1',&(6

$3Ç1',&(±527(,52'((175(9,67$

8QLYHUVLGDGH)HGHUDOGH6mR&DUORV±8)6&DU
&HQWURGH(GXFDomRH&LrQFLDV+XPDQDV &(&+
3URJUDPDGH3yV*UDGXDomRHP&LrQFLD7HFQRORJLDH6RFLHGDGH 33*&76

(FRQRPLDVROLGiULDHGLQkPLFDIDPLOLDUGHFDWDGRUHVGHPDWHULDLVUHFLFOiYHLVXPHVWXGR
QRFDPSRFLrQFLDWHFQRORJLDHVRFLHGDGH

0HVWUDQGD/HWtFLD'DO3LFROR'DO6HFFR
2ULHQWDGRUD0DULD/~FLD7HL[HLUD0DFKDGR
&R2ULHQWDGRUD0DULD=DQLQ

5RWHLURGH(QWUHYLVWD

$ &RQKHFHQGRRJUXSRIDPLOLDU±GDGRVGHFDGDPHPEURGRJUXSRIDPLOLDU
4XDORVHXQRPH"
,GDGH"
(VWDGR&LYLO"
(VFRODULGDGH"
2FXSDomR"
2TXHPDLVJRVWDGHID]HUHPPRPHQWRVGHOD]HU"
9RFr SDUWLFLSD GH DOJXPD FRRSHUDWLYD DVVRFLDomRRX RXWUR HPSUHHQGLPHQWR
VHPHOKDQWHj&223(59,'$"
$ SHUJXQWDSDUDRJUXSRIDPLOLDU
4XDODUHQGDWRWDOGDIDPtOLD"
'HRQGHYHPDPDLRUSDUWHGDUHQGDIDPLOLDU"

% 6REUHD&223(59,'$DQWHVHGHSRLVSHUJXQWDVGLUHWDVDR j FRRSHUDGR D
+iTXDQWRWHPSRHVWiQD&223(59,'$"&RPRFRQKHFHXDFRRSHUDWLYD"
2TXHYRFrID]LDDQWHVGHHQWUDUQD&223(59,'$"
9RFr SRGH IDODU XP SRXFR GD VXD URWLQD GH WUDEDOKR DQWHV H GHSRLV GH HQWUDU QD
&223(59,'$"

& 6REUHD&223(59,'$DQWHVHGHSRLVSHUJXQWDVSDUDRJUXSRIDPLOLDU
9RFrVSRGHPIDODUVREUHDYLGDIDPLOLDUDQWHVHGHSRLVGDLQVHUomRGH³QRPHGR D
FRRSHUDGR D ´QD&223(59,'$"
2TXHYRFrVDFKDPGRWUDEDOKRGHFDWDGRU"
&RPR YRFrV YLDP ³QRPH GR D FRRSHUDGR D ´ DQWHV GH VXD LQVHUomR QD
&223(59,'$HDJRUDTXHHOHpFRRSHUDGR"
&RPRYRFrVDFKDPTXHDVRXWUDVSHVVRDVYrHPHVVDPXGDQoD"
9RFrV FRQYHUVDP VREUH HFRQRPLD VROLGiULD" &DVR VLP R TXH VDEHP H SHQVDP
VREUHLVVR"

' 5HODo}HVIDPLOLDUHVHVD~GHGRJUXSRIDPLOLDUSHUJXQWDVSDUDRJUXSRIDPLOLDU
4XHPYRFrVFRQVLGHUDPR³OtGHU´GDIDPtOLD"3RUTXH"

4XDQGRH[LVWHDOJXPSUREOHPDIDPLOLDUFRPRHOHpUHVROYLGR"
&RPRpDURWLQDJHUDOGDIDPtOLD"
9RFrVDFKDPTXHDHFRQRPLDVROLGiULDRPRGRFRPRHODIXQFLRQDLQIOXHQFLDGH
DOJXPDIRUPDQRUHODFLRQDPHQWRIDPLOLDUHPJHUDO"
$OJXPPHPEURGDIDPtOLDMiIRLHQFDPLQKDGRRXpDWHQGLGRSRUDOJXPVHUYLoRGH
VD~GHHPJHUDO"(GHVD~GHPHQWDO"
&DVRVLPLVVRRFRUUHXDQWHVRXDSyVDLQVHUomRGH³QRPHGR D FRRSHUDGR D QD
&223(59,'$"&RPRDIDPtOLDOLGRXOLGDFRPLVVR"

( $PDUUDQGRRVWHPDV±SHUJXQWDVSDUDRJUXSRIDPLOLDU
$SyVWXGRRTXHIRLUHOHPEUDGRHUHIOHWLGRYRFrVWrPPDLVDOJXPDFRQVLGHUDomR
VREUHDLQVHUomRGH³QRPHGR D FRRSHUDGR D ´QD&223(59,'$HGDHFRQRPLD
VROLGiULDHPUHODomRDRUHODFLRQDPHQWRIDPLOLDUHDRDFHVVRjVD~GHjHGXFDomR
DR OD]HU j UHQGD j DOLPHQWDomR DR FRQYtYLR FRP DPLJRV YL]LQKRV HWF GHQWUH
RXWURVTXHDFKDUHPLPSRUWDQWHVUHODWDU"

$3Ç1',&(±7(502'(&216(17,0(172/,95(((6&/$5(&,'2

7(502'(&216(17,0(172/,95(((6&/$5(&,'2
&DStWXOR,9LWHQVDGD5HVROXomR±&RQVHOKR1DFLRQDOGH6D~GH

9RFrHVWiVHQGRFRQYLGDGR D SDUDSDUWLFLSDUGDSHVTXLVD³(FRQRPLDVROLGiULDHGLQkPLFDIDPLOLDUGH
FDWDGRUHVGHPDWHULDLVUHFLFOiYHLVXPHVWXGRQRFDPSRFLrQFLDWHFQRORJLDHVRFLHGDGH´TXHWHPSRU
REMHWLYR SULQFLSDO DQDOLVDU TXDLV DV UHODo}HV H[LVWHQWHV HQWUH D LQFOXVmR GH FDWDGRUHV GH PDWHULDLV
UHFLFOiYHLVHPXPHPSUHHQGLPHQWRHFRQ{PLFRVROLGiULRHDVD~GHPHQWDOGHVHXVJUXSRVIDPLOLDUHV
(VWH FRQYLWH IRL IHLWR D YRFr SRU VHU FDWDGRUIDPLOLDU GH FDWDGRU GD &223(59,'$ D FRRSHUDWLYD
HVFROKLGD FRPR UHIHUrQFLD SDUD D SHVTXLVD SRUpP VXD SDUWLFLSDomR QmR p REULJDWyULD VHQGR TXH D
TXDOTXHU PRPHQWR YRFr SRGH VH UHFXVDU D UHVSRQGHU TXDOTXHU SHUJXQWD RX GHVLVWLU GH SDUWLFLSDU H
UHWLUDUVHXFRQVHQWLPHQWRVHPTXHLVVRSUHMXGLTXHYRFrDSHVTXLVDRSHVTXLVDGRURXDLQVWLWXLomRGH
SHVTXLVD
,QIRUPDPRV TXH FRP HVVD SHVTXLVD YRFr QmR UHFHEHUi QHQKXP EHQHItFLR GLUHWR EHP FRPR
QmRWHUiJDVWRVQHPUHFHEHUiQHQKXPDFRPSHQVDomRILQDQFHLUDSRUSDUWLFLSDUGHVWDSHVTXLVDVDOYRVH
KRXYHUDQHFHVVLGDGHGHWUDQVSRUWHHDOLPHQWDomRGXUDQWHDVHQWUHYLVWDVRVTXDLVVHUmRFXVWHDGRVSHOR
SHVTXLVDGRU 3RU RXWUR ODGR RV UHVXOWDGRV REWLGRV SRGHUmR FRQWULEXLU SDUD D RULHQWDomR QD FULDomRH
DGHTXDomRGHSROtWLFDVS~EOLFDVQRVFDPSRVGDHFRQRPLDVROLGiULDGDVD~GHPHQWDOHGDIDPtOLDSHODV
FRQWULEXLo}HVFLHQWtILFDVSURGX]LGDV
6XDFRQWULEXLomRFRQVLVWLUiQDSDUWLFLSDomRHPHQWUHYLVWDVTXHVHUmRJUDYDGDVVHKRXYHURVHX
FRQVHQWLPHQWRSDUDWUDQVFULomRHDQiOLVHGRVUHODWRVGHVXDKLVWyULDGHYLGDHGHVHXJUXSRIDPLOLDU
GHVGH TXDQGR YRFrXP PHPEUR GH VHX JUXSR IDPLOLDU HVWDYD HP VLWXDomR GH GHVHPSUHJR DWp VXD
LQVHUomRLQVHUomR GH XP PHPEUR GR JUXSR IDPLOLDU QD &223(59,'$ VHQGR VXD LGHQWLGDGH H GH
WRGRV RV FLWDGRV QRV UHODWRV SUHVHUYDGDV 2 WHPSR PpGLR GD HQWUHYLVWD VHUi GH K GXDV KRUDV
SRGHQGRYDULDUGHDFRUGRFRPDGLVSRVLomRGRJUXSRHGDVPHPyULDVDVHUHPUHODWDGDV$VJUDYDo}HV
HWUDQVFULo}HVVHUmRDUPD]HQDGDVGHIRUPDVLJLORVDHJXDUGDGDVSRUDQRVTXDQGRVHUmRGHVFDUWDGDV
GHIRUPDVHJXUD
$SDUWLFLSDomRQHVWDSHVTXLVDSRGHUiFDXVDUFDQVDoRRXDOJXQVGHVFRQIRUWRVDRVSDUWLFLSDQWHV
SRU VH EDVHDU QR UHVJDWH UHODWR H UHIOH[mR GH PHPyULDV TXH SRGHP QmR VHU DJUDGiYHLV SRGHQGR
UHVXOWDU HP PRPHQWRV GH WULVWH]D UDLYD HRX DQJ~VWLD FRQIOLWR RV TXDLV VHUmR UHVSHLWDGRV SHOR
SHVTXLVDGRU TXH SRGHUi LQWHUURPSHU RX VXVSHQGHU H DJHQGDU RX QmR RXWUR PRPHQWR SDUD
FRQWLQXLGDGHGDHQWUHYLVWDVHRHQWUHYLVWDGRDVVLPSUHIHULU
2V UHVXOWDGRV GD SHVTXLVDVHUmR S~EOLFRV SRUpP VHUi JDUDQWLGR R VLJLOR VREUHDV IRQWHVGDV
LQIRUPDo}HV(VWDQGRRWUDEDOKRFRQFOXtGRVHUiDJHQGDGRXPGLDSDUDDGHYROXomRDRVHQWUHYLVWDGRV
GRVUHVXOWDGRVGHVXDVFRQWULEXLo}HV
&DVR KDMD DOJXP GDQR j VXD SHVVRD GHFRUUHQWH GHVWD SHVTXLVD R SHVTXLVDGRU VH
UHVSRQVDELOL]DUiHWRPDUiDVPHGLGDVFDEtYHLV9RFrUHFHEHUiXPDFySLDGHVWHWHUPRQRTXDOFRQVWDR
WHOHIRQH H R HQGHUHoR GR SHVTXLVDGRU SULQFLSDO SRGHQGR WLUDU VXDV G~YLGDV VREUH R SURMHWR H VXD
SDUWLFLSDomRDJRUDRXDTXDOTXHUPRPHQWR
6H YRFr QmR VRXEHU OHU QHP HVFUHYHU HVWH GRFXPHQWR GHYHUi VHU OLGR QD SUHVHQoD GH XPD
WHVWHPXQKDLQGLFDGDSRUYRFrTXHDVVLQDUiHVWHWHUPRHQTXDQWRYRFrIDUiDDSRVLomRGDVXDGLJLWDO

BBBBBBBBBBBBBBBBBBBBBBBBB
/HWtFLD'DO3LFROR'DO6HFFR
3HVTXLVDGRUD

0HVWUDQGDGR3URJUDPDGH3yV*UDGXDomRHP&LrQFLD7HFQRORJLDH6RFLHGDGH
8QLYHUVLGDGH)HGHUDOGH6mR&DUORV±8)6&DU
5RGRYLD:DVKLQJWRQ/XLV.P&DL[D3RVWDO
7HOHIRQH HPDLOOHGDOSLFROR#JPDLOFRP

'HFODUR TXH HQWHQGL RV REMHWLYRV ULVFRV H EHQHItFLRV GH PLQKD SDUWLFLSDomR QD SHVTXLVD H
FRQFRUGRHPSDUWLFLSDU2SHVTXLVDGRUPHLQIRUPRXTXHRSURMHWRIRLDSURYDGRSHOR&RPLWrGH
eWLFD HP 3HVTXLVD HP 6HUHV +XPDQRV GD 8)6&DU TXH IXQFLRQD QD 3Uy5HLWRULD GH 3yV
*UDGXDomR H 3HVTXLVD GD 8QLYHUVLGDGH )HGHUDO GH 6mR &DUORV ORFDOL]DGD QD 5RGRYLD
:DVKLQJWRQ/XL].P&DL[D3RVWDO&(36mR&DUORV63±%UDVLO)RQH
(QGHUHoRHOHWU{QLFRFHSKXPDQRV#XIVFDUEU

6mR&DUORVBBBGHBBBBBBBBBBBGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6XMHLWRGDSHVTXLVD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HVWHPXQKD

$1(;26

$1(;2±$8725,=$d2&223(59,'$

$1(;2±3$5(&(5&2168%67$1&,$'2'2&20,7Ç'(e7,&$(03(648,6$
&(3

Dissertação Profa. Letícia

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Dissertação Profa. Letícia

Enviado por

Direitos autorais:

Formatos disponíveis

Universidade Federal de São Carlos

Centro de Educação e Ciências Humanas

Economia solidária e dinâmica familiar de catadores de

Letícia Dal Picolo Dal Secco

Economia solidária e dinâmica familiar de catadores de

Dissertação apresentada ao Programa de Pós-

Orientador(a): Prof(a) Dr(a) Maria Lúcia Teixeira

Secco, Letícia Dal Picolo Dal.

Dissertação (Mestrado) -- Universidade Federal de São

1. Economia solidária. 2. Cooperativas de catadores. 3.

CDD: 334.7 (20a)

Dudu, agradeço pelas excentricidades que incentivaram minha criatividade. Agradeço

Agradeço igualmente à minha co-orientadora, Maria Zanin, pelas contribuições inestimáveis.

Agradeço a todos os professores e funcionários do PPGCTS, que auxiliaram de alguma forma

Agradeço à Bruna, pela grande contribuição a este trabalho.

Agradeço à FAPESP e à CAPES pelo financiamento.

E um agradecimento mais do que especial à COOPERVIDA, aos catadores e aos seus

A economia solidária começou a aparecer no Brasil na década de 1980, quando os índices

Palavras-chave: Economia solidária. Cooperativa de catadores de materiais recicláveis.

Keywords: Solidary economy. Recyclable waste pickers cooperative. Science, Technology

Tabela 1 - Número de teses e dissertações com a temática “economia solidária” no período de

Quadro 1 - Habilidades necessárias aos catadores de materiais recicláveis............................36

ACI – Aliança Cooperativa Internacional

 (&2120,$ 62/,'È5,$ ( &223(5$7,9,602 $ 25*$1,=$d­2 '2

UHODomR HQWUH (VWDGR H VRFLHGDGH FLYLO PHGLDGD SHORV GLUHLWRV

e LPSRUWDQWH H[SODQDU TXH PHVPR H[LVWLQGR D GHQRPLQDomR ³FDWDGRU GH PDWHULDLV

UHFXUVRV KXPDQRV ItVLFRV LQVWLWXFLRQDLV H ILQDQFHLURV WDQWR S~EOLFRV TXDQWR

D 2 1~FOHR 0XOWLGLVFLSOLQDU H ,QWHJUDGR GH (VWXGRV )RUPDomR H ,QWHUYHQomR HP

GH HPSUHHQGLPHQWR VROLGiULR H VXDV FDUDFWHUtVWLFDV JHUDLV  (ODERUDU

 &,Ç1&,$ 7(&12/2*,$ ( 62&,('$'( ( 26 (035((1',0(1726

(QWHQGHU FLrQFLD H WHFQRORJLD FRPR SURFHVVRV VRFLDLV TXH UHVSRQGHP HP

$76pGHILQLGDSHOD5HGHGH7HFQRORJLD6RFLDO 576 FRPR³SURGXWRVWpFQLFDVHRX

HFRQ{PLFRVROLGiULRV GLUHWDRXLQGLUHWDPHQWH SRGHFRQWULEXLUFRPDOLWHUDWXUDTXHMiLQGLFD

2%-(7,926 5(&85626 5(68/7$'26

2%-(7,926 5(&85626 5(68/7$'26

&RQVLGHUDQGR WRGRV RV SURFHGLPHQWRV UHDOL]DGRV IRL HVTXHPDWL]DGR QR 4XDGUR 

2 URWHLUR GH HQWUHYLVWDV VHPLHVWUXWXUDGR EXVFD LQFLWDU UHODWRV DXWRELRJUiILFRV TXH

FRPRVXJHUH0HLK\  3DUDGHL[DURWH[WRIOXLGRHOHIRLWUDEDOKDGRDWpTXHWRGDVDV

)*+,-. +/.$0-1++ 1+,++2+

)   #3/  

ePDVQRILQDOGHVHPDQDVREUDSUiPLP ULVDGDV $JHQWHDWpGLYLGHDVWDUHIDVQR

BBBBBB&RQWUROHVRFLDO,Q3(5(,5$,%/,0$-&) 2UJV 'LFLRQiULRGDHGXFDomR

'8%$5 & $ VRFLDOL]DomR FRQVWUXomR GDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV 7UDGXomR

Você também pode gostar

(&2120,$ 62/,'È5,$ ( &223(5$7,9,602 $ 25*$1,=$d2 '2

UHFXUVRV KXPDQRV ItVLFRV LQVWLWXFLRQDLV H ILQDQFHLURV WDQWR S~EOLFRV TXDQWR

D 2 1~FOHR 0XOWLGLVFLSOLQDU H ,QWHJUDGR GH (VWXGRV )RUPDomR H ,QWHUYHQomR HP

GH HPSUHHQGLPHQWR VROLGiULR H VXDV FDUDFWHUtVWLFDV JHUDLV (ODERUDU

&,Ç1&,$ 7(&12/2*,$ ( 62&,('$'( ( 26 (035((1',0(1726

$76pGHILQLGDSHOD5HGHGH7HFQRORJLD6RFLDO 576 FRPR³SURGXWRVWpFQLFDVHRX

HFRQ{PLFRVROLGiULRV GLUHWDRXLQGLUHWDPHQWH SRGHFRQWULEXLUFRPDOLWHUDWXUDTXHMiLQGLFD

&RQVLGHUDQGR WRGRV RV SURFHGLPHQWRV UHDOL]DGRV IRL HVTXHPDWL]DGR QR 4XDGUR

FRPRVXJHUH0HLK\ 3DUDGHL[DURWH[WRIOXLGRHOHIRLWUDEDOKDGRDWpTXHWRGDVDV

)*+,-. +/.$0-1++ 1+,++2+

) #3/

ePDVQRILQDOGHVHPDQDVREUDSUiPLP ULVDGDV $JHQWHDWpGLYLGHDVWDUHIDVQR

BBBBBB&RQWUROHVRFLDO,Q3(5(,5$,%/,0$-&) 2UJV 'LFLRQiULRGDHGXFDomR

'8%$5 & $ VRFLDOL]DomR FRQVWUXomR GDV LGHQWLGDGHV VRFLDLV H SURILVVLRQDLV 7UDGXomR